Help With Trust IRA

vipldyOctober 14, 2004

Our parents have both passed in the last year and they had a trust naming me and my brother trustees and Beneficiaries. The problem is our lawyer has spoken with the lady at the bank reguarding Dad's IRA and says we can split the IRA in half, we have to take his distribution amount this year but after that we don't have to touch it till I am 59 1/2. He calls it defering it.

My brother called the same lady and told him we could split the IRA in half and take the distribution as my Dad would have but also we have to take a yearly distribution going by the oldest age which is me.

I know you have to be a spouse to roll a IRA over to another. My Dad titled the IRA in his name and the trust is the beneficiarie. I am a home maker and my brother has a very good job. What can we do here.

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I do not see the difference between what you were told and what your brother was told. The website below has a tremendous amount of detailed information on Roth IRAs.

Here is a link that might be useful: Roth IRA Information Website

    Bookmark   October 18, 2004 at 5:27PM
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Trusts are EVIL. I've had to deal with two of them in the last three years, and one of them will still have to be dealt with.

I think IRA
thingees kinda die at death if the bennies are under-age. But maybe again, maybe not,,,,,, not real up on IRA's since all of my Trustors were before that time period.

    Bookmark   December 5, 2004 at 2:26AM
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