Beneficiary for IRA accounts
I just finished reading “The New Retirement Savings Time Bomb.” Ed recommends that IRAs do not list a Trust as a beneficiary. My attorney who drafted our trust document is recommending that we leave the IRA to a Decedents Separate Trust. The purpose being that they provide protection from creditors, car accidents, bankruptcy, business failure, etc. (divorce being the biggest creditor). What is the best way to proceed?
Permalink Submitted by Joseph Bloe on Wed, 2021-05-19 19:09
To protect the trust beneficiaries from creditors you list?Courts can always take into consideration an asset’s value to fashion an equitable remedy even though they don’t attack the IRA to satisfy the remedy.