Indiana Special Needs Trust With An Ira
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FAQ
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.
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.
When a trust is named as the beneficiary of an IRA, the trust inherits the IRA when the IRA owner dies. The IRA then is maintained as a separate account that is an asset of the trust.