Notes for trust officers, private bankers and others concerned with estate and trust planning, from a Merrill Anderson Senior Editor and his retired mentor.
Thursday, December 26, 2013
When IRAs were introduced in 1974, they sounded complicated. An IRA had to be more than just an account. An IRA had to have a bank as custodian or trustee.
Long ago that technicality vanished from public view, but now it turns out to be useful. Enter the trusteed IRA. The trustee sees to it that the beneficiary (nobody needs a Ferrari, dude!) takes no more than the required minimum distribution.