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The Wall Street Journal quotes Natalie Choate in “Smart Ways to Bequeath Your IRA”

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04.26.2014

Natalie Choate, a member of the firm’s Trusts and Estates Department, was quoted in “Smart Ways to Bequeath Your IRA” in The Wall Street Journal on April 26. The article discusses ways to prevent young beneficiaries from cashing out IRAs immediately. Natalie points out there are two ways to “stall” the children from doing an immediate cash-out of the IRA on the surviving parent’s death. She cautions that neither is perfect or easy, but both get the job done. The first option is to name a trust as the IRA beneficiary instead of naming the children outright. The trustee then distributes the assets of the IRA to the children according to the parent’s wishes; however, the trust must comply with rigid Internal Revenue Service rules. “Unfortunately, many estate planners are not aware of the problem and could draft a trust that does not qualify,” says Natalie. Natalie notes that trusteed IRAs (individual retirement trusts) are another option.

To view the article, click here.

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