IRA Trust Instructions

• Author: Seymour Goldberg
• Profession: Senior partner in the law firm of Goldberg & Goldberg, P.C., in Woodbury, New York
• Pages: 82-85

82

IRA TRUST

INSTRUCTIONS*4

1. The trustee must send a copy of the IR A trust to the IRA custo-

dian by no later than October 31 of the year following the IRA

owner’s year of death. (Do not remove staples but merely copy

all the pages of the IR A trust and send it to the appropriate indi-

vidual or department in the IRA inst itution.)

A covering letter should accompany the mailing of the IRA

trust together with proof of mailing.

2. On death of the IRA ow ner, the decedent’s IRA account should

be titled:

John Smith deceased IRA f/b/o

the John Smith Trust f/b/o

Mary Smith, dated December 14, 2011

(use a trust EIN number on the IRA account)

Author’s Note

I recommend that the IR A beneficiary form condition the selection of

the trust a s the IRA beneficiar y on the survival of Mar y Smith, the trust

beneficiary, and provide for alternate beneficia ries if Mary Smith fai ls to

survive John Sm ith.

3. The trust must receive required minimum distribution from t he

decedent’s IRA commencing in the ca lendar year after the death

of the IRA owner based on t he IRS single life expectancy of the

trust beneficia ry as determined in the calendar year after the IRA

owner’s death.

* The material i n this section has been ad apted fromThe IRA Dis tribution Rules:I RS

Compliance and Audit Issues(Product # PTX1202D), published by the A merican I nsti-

tute of CPAs. Available at w ww.CPA2biz.com. Copyright 2012, Seymou r Goldberg. All

rights reserved.

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