Can an IRA be moved into a living trust? Can a living trust be named as the beneficiary of an IRA, if the IRA owner is still alive?
2007-07-10 07:36:25 · 3 answers · asked by JB 1 in Business & Finance ➔ Personal Finance
You can name a trust as the beneficiary. That can only be done while the owner is alive, but has not meaning until they die. The IRA can't change ownership and remain an IRA. Any transfer, except to another IRA owner by the same person, it a withdraw.
Note: The article linked by space cadet is about making a trust the beneficiary of the IRA. That is NOTHING like making the trust the OWNER of the IRA.
2007-07-10 07:51:04 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
I don't think so, by definition an IRA is for an individual. Every IRA requires a social security number, and a trust does not have one.
You cannot even have a joint IRA.
You can have a trust as a beneficiary though.
2007-07-10 08:13:11 · answer #2 · answered by Feeling Mutual 7 · 0⤊ 1⤋
Yes... see this website for pros and cons
http://www.nolo.com/article.cfm/ObjectID/F492C147-2B7C-4945-AA26C359194A201D/309/227/QNA/
My estate lawyer advised against putting the IRA's into the trust.
2007-07-10 07:49:19 · answer #3 · answered by Anonymous · 1⤊ 1⤋