[WSBAPT] Gift of Traditional IRA to Juridical Entity

[David Faber]

Thank you Heather. That sounds like a smart idea: just have the account
segregated into separate accounts now and then drawing against the accounts
equally.

And just to clarify, when you say "name the child as beneficiary" of a
given account, if the intention is to hold those assets under a conduit
trust for that child's benefit you are naming the trustee of the trust,
correct?

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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On Tue, Jun 27, 2017 at 12:34 PM, Heather deVrieze <
heatherd at westseattlelaw.com> wrote:

> I often find it quite easy for the client to split their IRA into two
> accounts with the same financial institution, name child as beneficiary of
> one and nonprofit as beneficiary of other. They can adjust their
> distribution plan by moving funds between accounts, choosing which account
> to take their RMD from, etc.
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
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> 3909 California Avenue SW
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> Seattle, WA 98116-3705
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> (206)938-5500 <(206)%20938-5500>
>
> heatherd at westseattlelaw.com
>
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> *From:* wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.
> wsbarppt.com] *On Behalf Of *David Faber
> *Sent:* Tuesday, June 27, 2017 11:56 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] Gift of Traditional IRA to Juridical Entity
>
>
>
> List:
>
>
>
> I'm trying to understand how much flexibility I can bake into a trust
> arrangement for a client who wishes to leave a portion of their traditional
> IRA to a nonprofit entity and the rest in trust to the client's child.
> IRC  § 1.401(a)(9)-4 of course does not allow juridical entities as
> possible contingent beneficiaries of a qualified retirement plan account,
> but am I right in assuming that provided the client splits the QRP into
> separate tranches at the time of their death, any portion that is directed
> to an individual beneficiary (with proper contingent beneficiary language)
> would be able to be stretched irrespective of the gift to the juridical
> entity? Also, would you advise I have the beneficiary designation deal with
> the carving up of the QRP directly or should I have the trustee tackle that
> issue within the confines of trust instrument? I am leaning toward the
> former, but understand that there are sometimes pitfalls around plan
> administrators properly addressing the renaming and segregation of accounts.
>
>
> Best,
>
> David J. Faber
>
> Faber Feinson PLLC
>
> 210 Polk Street, Suite 1
>
> Port Townsend, WA 98368
> (360) 379-4110
>
>
>
> *** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL.
> This communication may contain privileged or other confidential
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