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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] - Avoid probate. Doesn't matter if it's a huge deal or not. - Are the kids over 21? - Is the trust you already have a revocable trust or irrevocable? Either way, the trust you need is a 'see through' trust, that becomes irrevocable on your passing. - Do you have a spouse? - As long as there is a beneficiary named, the account does not go through probate in most states. [/quote]
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