Special Needs Trust Oregon With Ira
Description
How to fill out Trust Agreement - Family Special Needs?
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FAQ
However, the trust is often named as the IRA beneficiary when there are no exceptional circumstances to do so. While there are certainly reasons, such as a special needs beneficiary, when it would be appropriate, in most instances a trust is a poor IRA beneficiary.
Retirement accounts like an IRA, Roth IRA, 401K, 403b, 457 and the like don't belong in your trust. Placing any of these assets in your trust would mean that you're taking them out of your name to retitle them in the name of your trust. The impact this will have on your taxes can be disastrous.
You cannot put your individual retirement account (IRA) in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and dictate how the assets are to be handled after your death. This applies to all types of IRAs, including traditional, Roth, SEP, and SIMPLE IRAs.
In general, there are many good reasons to put an asset into a trust: a trust protects it from creditors after you pass away, can reduce estate taxes, can assist in long-term care planning, and offers more control than a will in regard to managing the distribution of assets.
While the permissible distributions depend on what types of public benefits are being received, generally a supplemental needs trust may make distributions for the beneficiary's education, recreation, counseling, and supplemental medical services.