How protect minor bene from unwanted guardian access?
I have a client with tradional IRA, his spouse is the primary bene, stepdaughter is cont. bene, if the parents are both dead the Guardian would be the childs Biological father, and they do not want him to have any control over the inherited IRA in any capacity. how can we protect the IRA from him and protect it from the IRS for her??
Permalink Submitted by Al Fry on Fri, 2007-11-16 19:57
Use the State’s UTMA/UGMA in the bene arrangement with a trustworthy Custodian over the UTMA/UGMA.
Permalink Submitted by Theodore Gudorf on Sat, 2007-11-17 17:31
Always utilize an IRA Standalone Trust. It will allow trustee to accumulate MRDs for minor.
Ted Gudorf, Esq.
Dayton, OH
Permalink Submitted by Brett Ewing on Tue, 2007-11-20 15:58
I’m not familiar with the IRA Standalone Trust. Do you have anymore information on it, or a site that I can refer to for more information?
Permalink Submitted by Bruce Steiner on Tue, 2007-11-20 19:51
It’s a trust that is designed to comply with the requirements such that the benefits can be stretched out over the life expectancy of the oldest beneficiary of the trust.
Whether the trust that is to be the beneficiary of the IRA benefits is in the Will or in a separate trust instrument is simply a matter of style.
The lawyer who handles your estate planning should be able to draft the Will (or separate trust instrument).