IRA Trust Beneficiary
A now deceased individual (71+) named her Revocable Trust as beneficiary of her SEP IRA. The Revocable Trust stipulated that a small percentage of the account balance go to 2 Charities in addition to her 3 adult children. In that the Charities are “unidentifiable beneficiaries” does their inclusion cause the Trust to fail to qualify as a designated beneficiary and leave the beneficiaries with 2 choices: Immediate distribution or distributions paid over the remaining life expectancy of the IRA owner?
Permalink Submitted by Kevin O'Brien on Fri, 2007-07-20 19:09
In addition to the above, please note that the Charitable Beneficiaries have a limited interest (2%) in the assets of the trust payment of which can be satisified thru other non-IRA assets. Once paid, the remaining assets (IRA) are payable to identifiable beneficiaries. Would this then change the outcome of distribution opportunities?
Permalink Submitted by [email protected] on Tue, 2007-07-24 22:17
If the Charities are paid out immeditely, so they are no longer a bene, it may be possible. Perhaps one of the others with more experience in this regard will jump in. Al
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