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IRA stands for INDIVIDUAL Retirement Account. It must remain in the individual's name.
An IRA cannot be transferred to a trust because a trustee is the legal owner of all the property transferred to a trust. Transferring an IRA to ownership by a trust would mean changing the name on the account and it would trigger a surrendering of the IRA and thus tax consequences.
Trust law is extremely complicated. Trusts should be drafted by and the owners guided by a attorney who is an expert in trust law and tax law.
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∙ 15y ago
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Are IRAs treated differently in wills and or revocable trusts?
First, a trust cannot hold your Individual Retirement Account.IRAs can be left to a beneficiary by will. However, it is better to designate a beneficiary with the entity that holds the IRA. The designated beneficiary could be an individual(s) or a trust. However, the rules regarding IRAs are complex and the rules for designating a trust as the beneficiary are strict. You should consult with an expert in estate planning.
What has the author Arthur Bachman written?
Arthur Bachman has written: 'How to defer income with IRAs and Sec. 401(k) plans' -- subject(s): Taxation, Law and legislation, Deferred compensation, Pension trusts
Where should someone go to organize their wills trusts and estates?
If you are looking to organize your wills, trusts and estates, the best thing to do is to consult a lawyer. They will help make sure all paperwork is put together properly and no mistakes are made.
Why were people oppose to the creation of monopolies and trusts?
Trusts put smaller competitors out of business using unfair tactics. Trusts could unfairly raise prices since they had no competition. Trusts had too much influence on government officials.
Which company provides the information required on how to convert traditional IRAs to Roth IRAs?
One company that provides information for converting traditional IRAs to Roth IRAs is Fidelity. Other websites that offer information for converting traditional IRAs to Roth IRAs include the RothIRA website, as well as websites such as Axa-Equitable and BankRate.
Should you get a horse's trust in order to lead it?
well if a horse trusts u then it will go anywere with you and trusts you alot!!
When should one get a 401k plan?
401k plans are part of a family retirement plans known as defined contribution.Other defined contribution plans include profit sharing plans,IRAS and simple IRAs.
Teddy Roosevelt's view of trusts was that they?
He believed that trusts should be broken up to ensure competition. He was known as The Trust Buster.
where do I look to find out more about revocable trusts?
You can find more information about revocable trusts online through sites like www.legalzoom.com. You should, though, consult a trusts and estates attorney for the most up to date rules and regulations regarding trusts.
What federal agency regulates IRAs?
erisa?
What should I look for in an endowment policy for my life insurance contract?
It should be paid weather you die or not. It should fallow legal codes similar to IRAs.
Why does this pony put its muzzle in your hand?
The pony is trying to get used to your smell. And it trusts you.
