Glad to hear you mention about leaving your Traditional IRA, not Roth, to charity. I recently learned this after much digging while putting together our Revocable Trust. I get great delight knowing that my charity gets the share of my estate that I want and my estate doesn’t need to pay taxes. The beneficiary of my Traditional IRA is the charity, not the Trust.
Hi Paul, you are the internet's go-to guy! This is an odd trust question, if the grantor/decedent forgot to include a financial account but a semi-binding provision remained in the trust stating, their family trustee(and beneficiary) agreed to personally give two other family beneficiaries $500 each. Since there's no cash in the trust account, how/should the trustee cut a check to the trust in a personal capacity then as trustee distribute a trust check to the beneficiaries to satisfy the decedent's wish? Would the $1000 be counted as an IRS gift amount to the trust? It's an odd thought, but maybe no way avoiding it. Would it matter if the trust has language allowing beneficiaries to deposit cash into the irrevocable trust for trustee to manage and distribute back monthly for their health, education, medical, etc.? Is this also kosher?
what about Roth IRA, will the money in Roth IRA becomes Roth IRA if my beneficiary receives it? I will donate whatever in my Sep IRA and IRA to my church. Thank you for the suggestion!
I tried to tell my father about gifting the church and his cousin, from his will. He gave already taxed money to the church and an insurance policy to his cousin. Meanwhile, he gave his three children a 300k taxable IRA to split. I just take the RMD, because I made 194k last year and don’t want to pay a higher tax rate. I’ll cash it out after I retire, take a nice vacation, and place the extra money in my 5 year cash bucket.
What about disclaimer to the 401k inheritance?
Glad to hear you mention about leaving your Traditional IRA, not Roth, to charity. I recently learned this after much digging while putting together our Revocable Trust. I get great delight knowing that my charity gets the share of my estate that I want and my estate doesn’t need to pay taxes.
The beneficiary of my Traditional IRA is the charity, not the Trust.
Hi Paul, you are the internet's go-to guy! This is an odd trust question, if the grantor/decedent forgot to include a financial account but a semi-binding provision remained in the trust stating, their family trustee(and beneficiary) agreed to personally give two other family beneficiaries $500 each. Since there's no cash in the trust account, how/should the trustee cut a check to the trust in a personal capacity then as trustee distribute a trust check to the beneficiaries to satisfy the decedent's wish? Would the $1000 be counted as an IRS gift amount to the trust? It's an odd thought, but maybe no way avoiding it.
Would it matter if the trust has language allowing beneficiaries to deposit cash into the irrevocable trust for trustee to manage and distribute back monthly for their health, education, medical, etc.? Is this also kosher?
what about Roth IRA, will the money in Roth IRA becomes Roth IRA if my beneficiary receives it?
I will donate whatever in my Sep IRA and IRA to my church.
Thank you for the suggestion!
Hi! I just seem your notifications, I remember asking you about this! Thanks! 🤗🥰
You are so welcome!
@@americasestateplanninglawy1946 🤗👍🏻
Thank you as always for sharing this wonderful information.
So nice of you
I tried to tell my father about gifting the church and his cousin, from his will. He gave already taxed money to the church and an insurance policy to his cousin. Meanwhile, he gave his three children a 300k taxable IRA to split. I just take the RMD, because I made 194k last year and don’t want to pay a higher tax rate. I’ll cash it out after I retire, take a nice vacation, and place the extra money in my 5 year cash bucket.
Good morning Paul. Thank you for the update and reminder of this important information. Have a great day! Larry, Bakersfield, Ca.
Great video. Concise and quick.
Thanks! 👍
Great stuff! Thanks for sharing!
Our pleasure!