IRA Roll-over
I am a 66 year male and I want to move my IRA roll-over. The question is, do I put my two chrildren as beneficiaries (ages 38 and 36). If so, what can my wife do when I die? Can she be in charge of the IRA? Can she get money from the IRA?
Would they have to take the RMD at this time?
What do you think of Equity Index Annuities?
Basically, what is a “Credit Shelter Trust”?
We have a will, do we need to change it to “Credit Shelter Trust”?
Permalink Submitted by Bruce Steiner on Mon, 2008-03-24 18:25
You can leave your IRA to your wife, your children, trusts for your children’s benefit, a credit shelter trust, or anyone else you want. You should discuss with the lawyer handling your estate planning what would be consistent with your particular situation and your objectives.
A credit shelter trust is a trust that will keep the Federal estate tax exempt amount ($2 million, plus any income or growth thereon during your wife’s lifetime) out of her estate, while keeping the assets available for her if she needs them. If you are married, your Will probably contains a credit shelter trust.
An equity index annuity is a tool. Whether it makes sense for you depends upon your particular situation and your objectives.
Bruce Steiner, attorney
NYC
also admitted in NJ and FL