Naming a trust as your IRA beneficiary Most of the time, naming your spouse as your IRA's primary beneficiary provides the greatest flexibility. The next best route is to designate a non-spousal beneficiary, such as a child or even your favorite charity. But you also may also choose to ma...
They don't know or if they do, they don't care to comply with the 60-day beneficiary notice rule under the Arizona Trust Code. They are too busy feasting on the liquid trust estate money! They ignore the law, their family ties, and the normal human decency of being fair, let alone...
If the beneficiary is not an individual (such as an estate, charity, or organization): If the original IRA owner was required to take RMDs at the time of their death, then RMD distributions are required based on the single life expectancy of the original IRA owner. If the original IRA ow...
Another hurdle for beneficiaries of traditional IRAs is figuring out if the benefactor had taken his or her RMD in the year of death. If the original account owner hasn’t done this, it’s the responsibility of the beneficiary to make sure the minimum has been met. ...
If there are no beneficiaries on your account, your surviving spouse will be considered your sole beneficiary. If you do not have a surviving spouse, your estate will be considered your sole beneficiary. A spouse is any individual who is your spouse under federal law. Failure to provide a ...
The spouse of the decedent.In order to be considered an Eligible Designated Beneficiary by virtue of this provision, an individual must have been legally married to the decedent. Domestic partnerships do not count, butsame-sex married would (as long as it was legal where the ...
RMD, plus faced the IRS 50% penalty for failed RMD’s starting the year after the death, which had been missed. It was just adding insult to the "hell" his sister had caused upon him with her thefts of money, failure to comply in giving mandatory beneficiary information, etc. Since my...
IRA subdivided into trusts for each beneficiary satisfied RMD rules.(required minimum distribution)O'Driscoll, David
Although you can't establish a trust while you're alive, you can name a minor as thebeneficiary for the IRAand name a guardian as the trustee of the count. You can give specific instructions about how you'd like the IRA funds to be distributed to the minor after your death. Atrustallo...
A traditionalindividual retirement account (IRA)allows individuals to deposit pre-tax income into investments that can grow tax-deferred. The IRS assesses no capital gains or dividend income taxes until the beneficiary makes a withdrawal. Individual taxpayers can contribute from qualified earned compensati...