Because the income tax on an IRA is deferred, a beneficiary who inherits an IRA is required to either: withdraw all the funds within 5 years of inheriting and pay the income tax due on the entire account; or take annual required minimum distributions (“RMD”) and pay...
When setting up an estate plan, it is often beneficial to set up a trust. But do you know which trust—living or testamentary—to execute? The two main types of trusts are living trusts and testamentary trusts. A living trust is in effect during the testator’s life, but...
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