Permalink Submitted by Sandra Hernandez on Thu, 2013-08-22 11:14
We are re-doing our estate plan to provide for our two grandchildren as our daughter remarries to a man who is not the father of her two children. The attorney said we can set up a “spendthrift trust” stating when the two grandchildren inherit (they are now age 7 and l0 and we are age 65 and 67). The question is how shall we word the secondary beneficiary designation since we want to leave both of our IRA accounts to the grandchildren upon the death of the last of the two of us to die?
Permalink Submitted by Bruce Steiner on Sun, 2013-08-25 21:02
You can leave your IRA 1/2 to grandchild 1’s trust under your Will, and 1/2 to grandchild 2’s trust under your Will if your spouse does not survive you. Your lawyer can give you the exact language. That’s what he/she is getting paid for. This is a common situation.Bruce Steiner, attorney, NYC, also admitted in NJ and FL
Permalink Submitted by Alan Spross on Wed, 2011-01-26 19:07
“Charles Doe, Trustee of the Trust established under my Last Will and Testament dated 1/1/1999”)
or
“Trustee of the Trust established under my Last Will and Testament dated 1/1/1999”)
or
Format recommended by IRA custodian more reflective of state law
Permalink Submitted by Sandra Hernandez on Thu, 2013-08-22 11:14
We are re-doing our estate plan to provide for our two grandchildren as our daughter remarries to a man who is not the father of her two children. The attorney said we can set up a “spendthrift trust” stating when the two grandchildren inherit (they are now age 7 and l0 and we are age 65 and 67). The question is how shall we word the secondary beneficiary designation since we want to leave both of our IRA accounts to the grandchildren upon the death of the last of the two of us to die?
Permalink Submitted by Alan - IRA critic on Thu, 2013-08-22 17:38
Same as prior post indicates.
Permalink Submitted by Bruce Steiner on Sun, 2013-08-25 21:02
You can leave your IRA 1/2 to grandchild 1’s trust under your Will, and 1/2 to grandchild 2’s trust under your Will if your spouse does not survive you. Your lawyer can give you the exact language. That’s what he/she is getting paid for. This is a common situation.Bruce Steiner, attorney, NYC, also admitted in NJ and FL