[WSBAPT] IRA inherited by minor - guardianship/blocked account?

[John Creahan]

How much is in the account?

John Creahan
Cairn Law, PLLC
206-621-5848
Sent from my phone
________________________________
From: Alison Warden<mailto:alisonjwarden at gmail.com>
Sent: ‎3/‎21/‎2016 7:40 AM
To: WSBA Probate & Trust Listserv<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] IRA inherited by minor - guardianship/blocked account?

Dear Listmates -

I have a question where a minor (age 16) inherits an IRA from grandmother. Parents/natural guardians are alive and well. The financial institution is unwilling to deal with parents in any form and refuse to title the IRA in the minor's name. The solution appears to be guardianship to allow the parents to manage the account, get it re-titled as an inherited IRA, and receive the distributions of the RMD.

My question is: In such cases, would the court typically require that the Inherited IRA be set up as a blocked account, and would there then need to be a second blocked account set up to receive the RMDs?

Or, in your experience would the courts be willing to order the guardianship with no blocked accounts?

This is the first time I have faced this scenario, so any input is welcome.

Thanks!

Alison Warden
Attorney
Lasher Holzapfel Sperry & Ebberson
warden at lasher.com<mailto:warden at lasher.com>



-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160321/1224171e/attachment.html>