IRA AND ROTH IRA
I have both accounts what is best way to pass to my children when i pass away to them. they are in multiple accounts with differant institutes. who are better custodian to deal easy bank insurance companyor charls swab
I have both accounts what is best way to pass to my children when i pass away to them. they are in multiple accounts with differant institutes. who are better custodian to deal easy bank insurance companyor charls swab
thank you Allen and Bruce. can you clarify i am thinking by naming my son as primary beneficiary when i pass away his 10 year withdrawal kicks in. if he does not withdraw on 9th year files disclaimer my original subsequant beneficiary is my grandson what is time frame for he to withdraw total amount? how account should be titled? other question if i name my living trust as beneficiary IRS may want to liquidate account as trust is not living person?
follow up can either of you draft appropriate beneficiary designation document and or trust for fee?
Permalink Submitted by Alan - IRA critic on Fri, 2024-02-02 16:19
Schwab would be much better to deal with than the average bank or insurance company. You would normally name your children as direct beneficiaries unless they are disabled, have exposures to excessive spending or creditors along with a significant account balance. Once your health begins to decline, you might consider consolidating these IRAs into fewer accounts and to take your RMD earlier in the year so your beneficiaries do not have to determine and complete your year of death RMD.