Beneficiary tax question when the money is later given to a non-beneficiary child.
My mother passed and her ex-husband (my father) was the beneficiary of her pension account. After their divorce, the beneficiaries should have been changed to her my brother and me but it didn't happen. Everyone was on good terms, so it was just an oversight. My father, after seeing my mother's wishes in her will had no issues with distributing the money to my brother and me. When pulling out the money, he has to pay taxes on it. Is that the end of the tax implications or are my brother and I expected to pay more taxes once we receive the money?