ROLL OVER IRA
IF I WANT my grandchildren to be beneficiaries who are minor does my spouse has to waive her right first? if my grandchild becomes 18 while others are still minor what will be rules of distribution of acccount? also who is custodian and what rule they have to follow . my funds are in swab chase and new york life
Permalink Submitted by Alan - IRA critic on Wed, 2024-01-24 18:58
Your spouse would only have to waive her interest in your IRA if you are in a community property state. Grandchildren who inherit IRAs are subject to the 10 year rule at all ages unless disabled. RMDs in years 1-9 are required if you pass after you are taking RMDs. These rules apply to all custodians.
Permalink Submitted by gautam shah on Thu, 2024-01-25 11:46
Thank you. i have changed my residence status to florida. my wife still keeps indiana state status my grand children in new york does this matter?
Permalink Submitted by Alan - IRA critic on Thu, 2024-01-25 16:56
No, none of these states are community property states. However, if you file jointly, your IN state tax return might be complex with respect to identifying how much income was IN income.
Permalink Submitted by gautam shah on Thu, 2024-01-25 17:29
thank you. 2023 will be first year i became florida resident and my wife continued with indiana status. i waited to take my RMD TILL OCTOBER my florida licence was may 3rd. i get social security and pension we notified both places. most of our income is mine and my wife gets social security. our accountant explained in april to file joint federal and separate state tax returns mine as part year resident and final for indiana to be filed april2024 for 2023 taxes. will this change anything?
Permalink Submitted by gautam shah on Thu, 2024-01-25 17:32
are you practicing and do consultation one on one?
Permalink Submitted by Bruce Steiner on Tue, 2024-01-30 19:55
Permalink Submitted by gautam shah on Fri, 2024-02-02 11:46
THANK YOU BRUCE. i am 73 and taking RMD from my ROLL OVER IRA which is combination of funds from pension 401 403 etc from previous accounts from work. we only need RMD during our life time for both of us. My 3 children are fianancially secure i want ultimately give all funds to them. what is best way via trust or beneficiary designation? can i stipulate 50% funds at my death and remaining at second death? if i want you to draft proper document or trust what will be cost. THANK YOU.