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4. Take the tax break if you’re entitled to it. An inherited IRA may be taxable, depending on the type. If you inherit a Roth IRA, you’re free of taxes.
To do so, the IRA creates a trust, then names it as the beneficiary of the IRA. The result is that the trust receives any funds remaining in the IRA when the owner dies.
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
A trust is a document that allows you to keep control of your money and property and designate who receives it once you die. “Revocable” means you can change the terms at any time while you ...
The treatment of a brokerage account based IRA as a trust for tax purposes is largely a legal fiction. If Article 8 is set aside and the brokerage account is considered purely under principles of common law , there is a possibility of construing the collection of brokerage accounts in the intermediated custodial holding chain as a collection of ...
The only remaining unprotected areas are the SIMPLE IRA and the SEP IRA. The SEP IRA is functionally similar to a self-settle trust, and a sound policy reason would exist to not shield SEP IRAs, but many financial planners argue that a rollover (or direct transfer) from a SEP IRA to a rollover IRA would give those funds protected status, too.