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Reply to "Beneficiaries for IRA: In children's names or in the name of the trust I have set up for them?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How old are the children? If you want to control access beyond the grave (in addition to the tax restrictions), the trust would be better?[/quote] Yes, thats what I want. Protect from divorces/creditors all that. So I do think trust will be better, thanks. Trying to figure out what I'm missing that he thought it wouldn't.[/quote] You will only protect them for so long, but maybe it’s worth it. At some point when they hit a certain age they will likely become the trustees and then can do whatever they want. Best thing is to sit them down when they are adults and explain the reasoning for the trust and why they shouldn’t dissolve it even when they can. Of course you want to make sure the trust is very flexible and they can pull out the earnings/income fairly easily. [/quote]
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