Subscribe to our Newsletter to stay up to date on all things Estate Planning and more! app.lawmatics.com/forms/share/3944a0fd-07f7-4c4a-8138-9e32e51367bc
Good in trying to get that all done within 30 days. Because I an working no SSI and Medicaid and Section 811 Housing no asset limit. I choice to not open a Special Needs Trust and titled an inherited taxable brokerage account and an inherited IRA in my name.Another reason my personal tax rate is lower than trust tax rates.
If someone is an eligible designated beneficiary (with a disability), don't they get the stretch RMDs if they move it to an inherited IRA? I don't understand why the need to move the money to a SNT right away. Can't the disabled person move the RMDs to an Able or SNT on a yearly basis?
If I’m reading your question correctly, you’re suggesting naming the disabled individual themselves as the beneficiary of the inherited IRA, not their SNT. In that case, the income that the individual would receive from the IRA would count against them for public benefits purposes. That’s why their SNT would need to be named instead as the beneficiary - so the income from the IRA doesn’t count as “income” for public benefits purposes.
Subscribe to our Newsletter to stay up to date on all things Estate Planning and more! app.lawmatics.com/forms/share/3944a0fd-07f7-4c4a-8138-9e32e51367bc
Good in trying to get that all done within 30 days. Because I an working no SSI and Medicaid and Section 811 Housing no asset limit. I choice to not open a Special Needs Trust and titled an inherited taxable brokerage account and an inherited IRA in my name.Another reason my personal tax rate is lower than trust tax rates.
If someone is an eligible designated beneficiary (with a disability), don't they get the stretch RMDs if they move it to an inherited IRA? I don't understand why the need to move the money to a SNT right away. Can't the disabled person move the RMDs to an Able or SNT on a yearly basis?
If I’m reading your question correctly, you’re suggesting naming the disabled individual themselves as the beneficiary of the inherited IRA, not their SNT. In that case, the income that the individual would receive from the IRA would count against them for public benefits purposes. That’s why their SNT would need to be named instead as the beneficiary - so the income from the IRA doesn’t count as “income” for public benefits purposes.