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Ever wonder if you need to set up a trust?

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  • Ever wonder if you need to set up a trust?

    6 reasons you may need a trust published on PMD today.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

  • #2
    My husband and I made trusts.  Thanks for the refresher.

    I have an IRA, and my husband has a Roth IRA,  which we someday hope to transfer to our unborn grandchildren,  i.e. stretch IRAs.   Do we title these to the trusts?   or title to the grandchildren?

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    • #3




      My husband and I made trusts.  Thanks for the refresher.

      I have an IRA, and my husband has a Roth IRA,  which we someday hope to transfer to our unborn grandchildren,  i.e. stretch IRAs.   Do we title these to the trusts?   or title to the grandchildren?
      Click to expand...


      Retirement accounts typically transfer via beneficiary designation.  Depending on the language of your trust, you could designate the trusts as the beneficiary of your retirement accounts.

      Most states will not let you make a transfer to a person that is not yet in existence.  A properly drafted class trust may be a suitable vehicle to leave assets to your grandchildren.  Whether or not your trusts are suitable for this is another question.

      You should consult an estate planning attorney in your area.

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      • #4
        In most cases, a trust is not appropriate as an IRA beneficiary, although a Roth IRA is less problematic. You would, instead, name a custodian for the grandchildren (probably your child) who will inherit the IRA. If you are in a specific situation calling for the use of a trust for this purpose, make sure to use an attorney who is fluent in using trusts as IRA beneficiaries. This article is complicated but comprehensive if you'd like to know more. It's a very complicated issue.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5
          THANKS for above.  Trusts are complicated.

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