When a spouse is the designated beneficiary of an IRA, a major benefit is that the spouse can rollover the IRA into a spousal IRA. For tax purposes, this means that the surviving spouse does not have to start taking out minimum required distributions until the spouse’s required beginning date, which is now April 1 of the year following the year in which age 72 is attained. However, in cases where a trust or non-spouse is a beneficiary, distributions must commence in the year after the year of the death of the IRA owner or, in the case of a trust, the entire IRA may be distributable within 5 years. A recent IRS Private Letter Ruling examined both worlds, approving the ability of a spouse to withdraw an IRA from a trust which was the beneficiary of one-half of a community property IRA and rollover the funds into a spousal IRA. In this Episode, we discuss the features of the trust which allowed this to occur….(read more)

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