Titling of inherited IRA
The trust was named as beneficiary. The owner is deceased and the IRA is now titled as a beneficiary IRA referencing the deceased and the trust. The trustee is getting ready to transfer the trust beneficiary IRA to the beneficiaries of the trust (children of the deceased). The question is, how is the IRA going to now be titled when it’s transferred to the beneficiaries of the trust? Is it just going to be in the name of the beneficiaries? Will it reference the trust and/or the deceased?
Thanks in advance for your help.
Permalink Submitted by Alan Spross on Wed, 2009-12-16 20:12
They should all be listed, eg “Ann Smith, beneficiary of James Smith trust as beneficiary of James Smith, deceased”. The IRS likely wants to know if a trust beneficiary was in the loop as trust provisions affect the RMD.