California  |  Wills and Trusts

Legal Question

Asked on: 7/16/13, 5:49 am

My aunt passed. Problem: Her IRA account was left in her deceased son's name. The bank is offering to pay monthly installments to the beneficiares, delaying the release of other trust funds (sale of home/personal goods). That IRA funds involve a tax credit when deposited, the IRS expects taxes back on withdrawal of funds at lower income.

Question: If the IRA funds go into the irrevocable living trust, how does this affect the beneficiares and/or what is the IRS position on these funds? Does this affect the entire funds in the trust and affect the closure of the Trust?

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