Irrevocable Trust and IRA
Is a traditional IRA placed in an Irrevocable Trust considered out side of ones total estate value for Illinois estate tax consideration? and how would the Required Minimum Distributions be treated for tax purposes after death?
Thanks
Permalink Submitted by William Tuttle on Wed, 2021-01-06 15:42
The trust is named beneficiary the retirement account.
I have no specific knowledge of IL, but I believe it is almost certainly subject to estate taxes.