Legal Question in Wills and Trusts in Illinois
Beneficiary of IRA Rollover
Are there advantages of listing my spouse as the beneficiary of my IRA Rollover account rather than listing our trust as the beneficiary?
Asked on 8/01/02, 10:42 pm
1 Answer from Attorneys
Jay Pollak
The Pollak Law Firm, LLC
Re: Beneficiary of IRA Rollover
Yes, there sure is. The spouse is the only person that can have the account rolled to her income tax free. Thus there is no income tax paid on the roll over. Now, a caution here... it is still included in your estate for Estate Tax purposes. If the IRA is rolled to any other person its subject to income taxes.
Answered on 8/01/02, 10:58 pm
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