Help With Trust IRA
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.