Guest strav Posted March 3, 1999 Posted March 3, 1999 Can a non-individual be an owner of a Roth-IRA? What are some examples? Can a corporation, trust or Custodial entity be an owner of a Roth IRA?
John Olsen Posted March 24, 1999 Posted March 24, 1999 A Roth IRA is an INDIVIDUAL Retirement Account. Like ALL IRAs, it MUST be owned by an INDIVIDUAL. John L. Olsen, CLU, ChFC Olsen Financial Group St. Louis, MO 314-909-8818
Guest strav Posted March 24, 1999 Posted March 24, 1999 Therefore if IRA's can be have custodial arrangements, i.e. Bank owns IRA fbo of an individual, can a Roth be established under same scenario?
John Olsen Posted March 24, 1999 Posted March 24, 1999 Roth IRAs, like other IRAs, may be Custodial accounts. The Custodian doesn't own the account. I think you're confusing an IRA Trust with a "regular" trust. The former is an INDIVIDUALLY OWNED asset. The Trust is there because the law requires IRAs to be Trusteed or Custodial accounts. But the beneficial ownership MUST vest in an INDIVIDUAL. You CANNOT own an IRA inside your Living Trust or Corporation or Family Limited Partnership. YOU have to own it. John L. Olsen, CLU, ChFC Olsen Financial Group St. Louis, MO 314-909-8818
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