IRA
Client: Barbara -> Son: Joe, Daughter: Anna (also a client)
– Client Barbara had an IRA at Pershing. Her trust was the beneficiary of the IRA.
o 50% of that IRA went into an account titled Inherited IRA FBO Joseph Trust
o Per the attached doc when Joe passed away the Joesph trust should terminate.
He has no descendants so the trust should dissolve, and remaining property should flow back to Barbara’s living descendant Anna.
– Our question: Should/Can the current IRA flow into an IRA titled: Inherited IRA FBO Anna (and at that point will the RMDs be based on Barbara’s DOB)
Permalink Submitted by Alan - IRA critic on Fri, 2024-03-01 17:11
Depends on whether Barbara’s trust was qualified for look through or not. Would also need Barbara’s age at her death and the date of death. What happened to the other 50% of Barbara’s IRA? Did her trust split into separate trusts after her death?
Permalink Submitted by Steve Merdinger on Mon, 2024-03-04 17:38
Barb’s DOB was 7/21/50DOD was 3/31/2021