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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]Any finance people on with knowledge on this? for background: I'm in NYS (where apparently probate is "not a huge deal", according to estate planning attorney) I have 2 different financial advisors telling me 2 different things: 1 says to make the trust i have set up for my kids as the Beneficiary of my IRA, because of the 10-year distribution rule for Inherited IRAs. But the advisor at the bank I have the IRA with says to leave it directly to my children, to avoid probate. TIA! [/quote] I live in New Jersey and probate is not a big deal here either. One of the few easy things in this state when it comes taxes. My mother died and had beneficiaries designated for everything. It was easy when it came to inheritance and estate. No lawyers necessary. Only downside I’ve been told is probate is public but not sure what the repercussions of that is so far. [/quote]
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