Legal Question in Wills and Trusts in California
IRA transfer to a trust.
If an IRA were transferred to a Living Trust are income taxes due in the year of transfer? Is this treated as a distribution? Are tax deferred annuities any different?
Thanks.
Asked on 12/20/98, 7:15 pm
1 Answer from Attorneys
Chris Johnson
Christopher B. Johnson, Attorney at Law
Re: IRA transfer to a trust.
In most cases I know of, the IRA transfer would trigger taxes. Instead, ask your attorney and tax advisor about making your revocable trust the beneficiary of the IRA. This may accomplish your goals and preserve the IRA from unnecessary taxes.
Chris Johnson
Christopher B. Johnson, Attorney at Law
614 East Colorado Boulevard, Pasadena, CA
Answered on 1/30/99, 11:35 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
