IRA TRUST
can i convert ROLL OVER IRA by paying tax and convert to ROTH IRA. Is it possible to trnsfer converted ROTH IRA to trust for benefit of grandchildren using part of my life exemption of federal and gift tax and out of my estate
thank you. even if i want to use federal life time tax credit now i can not put CONVERTED ROTH IRA TO TRUST. what is better pay tax on IRA balance put in trust for grandkids or covert to ROTH IRA name trust as beneficiary which is better?
Permalink Submitted by Alan - IRA critic on Sun, 2021-03-14 15:45
No, you cannot change ownership of your IRA out of your name, but you could name the trust as beneficiary of your IRA. Any IRA would still be included in your gross estate for estate tax purposes, but there is no gift tax on inheritances.