IRA’s in TRUST
Individuals had marital Trust passed away now and is irrevocable, being managed by the Trustee. Can the Trustee pick or change the Custodian/Investment Company that currently holds the investments to another of their choice?
Thank you
Steve
Permalink Submitted by Alan - IRA critic on Thu, 2021-12-16 17:34
Yes, the trustee of the trust could do a direct transfer to a new IRA custodian. The inherited IRA would be titled the same as before since the trustee and the trust did not change, just the IRA custodian. This transfer should be handled by the receiving custodian and the trustee would establish an inherited IRA there to receive the transferred inherited IRA. This direct transfer is not reportable and should not generate a 1099R or 5498.
Permalink Submitted by kathleen adams on Wed, 2024-08-28 15:20
Then can a wife who is sole trustee of a trust (with a court order because it had to be created and funded after the husband became incapacitated from a stroke) obtain control and management of her husbands IRAs while he is still alive? There is specific language in this trust to allow management and control of retirement accounts. Is she able to transfer them for consolidation purposes and manage the investments while he is still alive and is the owner? Without getting a conservatorship and POAs?