Guest Al Messel Posted June 15, 1999 Share Posted June 15, 1999 Should an IRA be included in a Joint Living Trust? What are the pros and cons. I can see where there is no need, if the beneficiary gets the proceeds in any event without probate, but how about when one of the grantors becomes incompetent? I've had advice both ways? Link to comment Share on other sites More sharing options...
Guest P A Weick Posted June 15, 1999 Share Posted June 15, 1999 Changing ownership to the trust would be a distribution triggering tax. The account is for individuals only, not other legal entities. Further I can see no advantage to having a trust own an IRA vs. naming the trust as a beneficiary. ------------------ [This message has been edited by P A Weick (edited 06-14-99).] Link to comment Share on other sites More sharing options...
Guest halka Posted June 15, 1999 Share Posted June 15, 1999 Ditto on P.A.'s comments... I would first review the pros & cons of a joint living trust. Accompanying its apparent simplicity are lots of potential problems. If the main concern is the potential incapacity of IRA owner/beneficiary, a durable power of attorney specifically addressing IRA distributions should work. Under the power, the atty-in-fact would contribute IRA distributions to the trust. Link to comment Share on other sites More sharing options...
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