Comments on: Problems With Naming a Minor Your IRA Beneficiary http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/?utm_source=rss&utm_medium=rss&utm_campaign=problems-with-naming-a-minor-your-ira-beneficiary Articles about retirement savings & income, investing, and income tax Wed, 08 Feb 2012 16:37:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jblankenship http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-1641 jblankenship Fri, 29 Oct 2010 12:51:05 +0000 http://financialducksinarow.com/?p=2417#comment-1641 Hi, John - While your suggestion might work, I'd be very reluctant to put it into place without some sort of legal document (such as a trust) to guarantee that your wishes are carried out. I hate to be cynical, but you just never know how people will react. As far as I know there's nothing illegal about your suggestion - it's just not a recommendation that I could make. Hope this helps - jb Hi, John -

While your suggestion might work, I’d be very reluctant to put it into place without some sort of legal document (such as a trust) to guarantee that your wishes are carried out. I hate to be cynical, but you just never know how people will react.

As far as I know there’s nothing illegal about your suggestion – it’s just not a recommendation that I could make.

Hope this helps -

jb

]]> By: John http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-1633 John Wed, 27 Oct 2010 23:35:53 +0000 http://financialducksinarow.com/?p=2417#comment-1633 I read your article concerning minors as ira beneficiaries. It seems to me there might be anohter option: name a trusted relative as beneficiary with the understanding that the ira really belongs to the minor. I know that "trust" can sometimes be a fleeting thing, but is there anything illegal about this arrangement. Of course the relative would have to start taking distributions based upon her/his actuarial lifetime which would subject the relative to additional fed/state income taxes, and the after tax distributions to te minor would be limited by irs gift rules. Once the minor reaches majority age the relative could name the minor as beneficiary. I look forward to your comments. Thank you. I read your article concerning minors as ira beneficiaries. It seems to me there might be anohter option: name a trusted relative as beneficiary with the understanding that the ira really belongs to the minor. I know that “trust” can sometimes be a fleeting thing, but is there anything illegal about this arrangement. Of course the relative would have to start taking distributions based upon her/his actuarial lifetime which would subject the relative to additional fed/state income taxes, and the after tax distributions to te minor would be limited by irs gift rules. Once the minor reaches majority age the relative could name the minor as beneficiary. I look forward to your comments.
Thank you.

]]> By: Amy http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-1013 Amy Fri, 23 Apr 2010 05:38:22 +0000 http://financialducksinarow.com/?p=2417#comment-1013 This is interesting. I guess a lot of forethought needs to be done when addressing this issue. Good post. This is interesting. I guess a lot of forethought needs to be done when addressing this issue. Good post.

]]> By: uberVU - social comments http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-1008 uberVU - social comments Thu, 22 Apr 2010 12:44:39 +0000 http://financialducksinarow.com/?p=2417#comment-1008 <strong>Social comments and analytics for this post...</strong> This post was mentioned on Twitter by BlankenshipFP: Thinking of naming a minor as the beneficiary of your retirement plan? Here's some things you need to consider: http://su.pr/2PEhkH... Social comments and analytics for this post…

This post was mentioned on Twitter by BlankenshipFP: Thinking of naming a minor as the beneficiary of your retirement plan? Here’s some things you need to consider: http://su.pr/2PEhkH...

]]> By: jblankenship http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-958 jblankenship Thu, 15 Apr 2010 21:14:38 +0000 http://financialducksinarow.com/?p=2417#comment-958 Thanks Ken. You're right, it's not as simple as you might think at the start - but with some careful planning you can make sure your wishes are being carried out like you intended... jb Thanks Ken. You’re right, it’s not as simple as you might think at the start – but with some careful planning you can make sure your wishes are being carried out like you intended…

jb

]]> By: Ken http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-957 Ken Thu, 15 Apr 2010 20:24:34 +0000 http://financialducksinarow.com/?p=2417#comment-957 This is interesting. I guess a lot of forethought needs to be done when addressing this issue. Good post. This is interesting. I guess a lot of forethought needs to be done when addressing this issue. Good post.

]]> By: Problems With Naming a Minor Your IRA Beneficiary | Business News Online http://financialducksinarow.com/2417/problems-with-naming-a-minor-your-ira-beneficiary/#comment-955 Problems With Naming a Minor Your IRA Beneficiary | Business News Online Thu, 15 Apr 2010 12:37:08 +0000 http://financialducksinarow.com/?p=2417#comment-955 [...] Problems With Naming a Minor Your IRA Beneficiary [...] [...] Problems With Naming a Minor Your IRA Beneficiary [...]

]]>