I and my children are in CO. My uncle in TX left a mix of 3 IRAs at 3 different firms, a trading account, and cash to me and my two children, his sister, brother and a friend (who is the Executor). In CO, if a minor inherits over $12K, a Conservatorship has to be set up - at a cost of $2-3K per child. They are getting about $69K each. But IF I can refuse their IRA inheritances (totaling $48K each), the adults could (and would) make up the difference of the children's refused IRA inheritance amount by each gifting both children.
I REALLY want to avoid the court hassle, time and cost of setting up Conservatorships. Can I refuse my children's inheritance on the IRAs? One is at an insurance company, and another is at a brokerage firm.