Naming a Trust as a Beneficiary of Retirement Plans

retirementThe IRS had issued rules regarding required minimum distributions for retirement plans and IRAs. For the majority of people, these rules will reduce the required minimum distribution during their lifetime and after their death.

Buried in the rules however, is a provision that can have drastic income tax consequences to a surviving spouse. If you are MARRIED and if you named a TRUST as the PRIMARY beneficiary of your IRA, when you pass away your surviving spouse CANNOT rollover your IRA. Under prior regulations, a surviving spouse could rollover the decedent’s IRA into his/her own IRA if the surviving spouse was the sole beneficiary of the trust and if certain other conditions were met.

If you are MARRIED, and have named a TRUST as the PRIMARY beneficiary of your IRA, please contact our office IMMEDIATELY. The income tax ramifications under the rules are quite severe and will be explained to you in more detail based upon your particular situation.

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