inherited IRA titling for trust bene
decedent died 4/29/12 and named his family trust established 1/1/06 as the bene of his retirement account. per his family trust document, upon his death, all retirement accounts in the trust goes to a new trust called, family trust B, where the wife is the income bene and upon her death the bene are trusts to be setup for the kids.
We would like the retirement acct to go into an inherited IRA in family trust B. the plan administrator wants to send the check to the family trust and not necessarily family trust B but since the trust document clearly states that the retirement accounts go into family trust B I am thinking that we should be ok.
How should the new inherited IRA for family trust B be titled?
Thank you in advance.
Permalink Submitted by Alan Spross on Wed, 2012-11-07 19:11
There is no single titling format, and the IRA custodian may only support one option.
The requirements are that “Family Trust B” be identified as the beneficiary and the decedent’s name must also be shown.
For example “Smith Family Trust B as beneficiary of John Smith”.
The beneficiary trust and the decedent can be listed in any order as long as both are identified.
If the trust is qualified, RMDs are based on the oldest trust beneficiary.