7:03 - Great Video! One small fix, minors do have RMD requirements based on their life expectancy until they reach the age of majority. At which time the 10 year clock starts.
RLT is the beneficiary - doesn’t the 5 yr rule kick in? Trust triggers the distributions … pays the tax … net deferred dollars are still part of the Trust?
Great information. A little hard to follow but I get it as I've done a some research prior. I think the bottom line is all taxable accounts, property, etc., need to be in the trust. IRA's and 401K's should not due to the IRS rules.
Not necessarily. Depends on your children and whether you wanted to stagger the distributions beyond age 28. What if your child is 45? It could still work. Bottom line, as long as 10 year withdrawal period works for your children, it’s fine.
Would the trust inherit the account then have to distribute from IRA to brokerage in the 10 years? The successors could be kids and adults the trust is holding funds for. The trust is the legal entity not the kids.
7:03 - Great Video! One small fix, minors do have RMD requirements based on their life expectancy until they reach the age of majority. At which time the 10 year clock starts.
RLT is the beneficiary - doesn’t the 5 yr rule kick in? Trust triggers the distributions … pays the tax … net deferred dollars are still part of the Trust?
Excellent information. Completely relevant to my situation. Thank you!!!😊
What about taking an existing ROTH IRA that is yours and place it in a trust as an option of legal protection?
Great information. A little hard to follow but I get it as I've done a some research prior. I think the bottom line is all taxable accounts, property, etc., need to be in the trust. IRA's and 401K's should not due to the IRS rules.
Not necessarily. Depends on your children and whether you wanted to stagger the distributions beyond age 28. What if your child is 45? It could still work. Bottom line, as long as 10 year withdrawal period works for your children, it’s fine.
Would the trust inherit the account then have to distribute from IRA to brokerage in the 10 years? The successors could be kids and adults the trust is holding funds for. The trust is the legal entity not the kids.
Yes, but there must be a distribution by the trustee at some point.