Estate Planning Pitfall — A trust is the beneficiary of an IRA or retirement plan
$225.00
Description
Abstract: If a person owns an IRA or participates in a qualified retirement plan such as a 401(k), it’s possible that he or she can have the assets distributed to a trust upon death. As illustrated in a recent IRS private letter ruling (PLR), however, to preserve the retirement account’s tax-deferral benefits, it’s critical to properly designate a trust beneficiary. This article lists the IRS requirements to have a trust beneficiary qualify as a designated beneficiary of an IRA or qualified plan.
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