spousal IRA
I had a client pass away that had an IRA and the beneficiary on his IRA was his Trust. His wife was the Trustee on his Trust but she is not a US citizen she is only a permanent resident. So my question is can his IRA be moved into an IRA in her name?
Thank you
Permalink Submitted by Alan Spross on Tue, 2010-01-12 18:39
Yes. If the surviving spouse was the sole trustee and beneficiary of the trust, there have been numerous IRS letter rulings allowing the spouse to roll over the IRA assets into their own IRA. A resident alien can have a US IRA, and therefore citizen status should not be an issue either.