I'm the trustee of my parent's living trust. It is the beneficiary of an inherited IRA, from which I've been taking RMDs for 15 years.
The question is what happens to the inherited IRA after I die?
I have a spouse and two adult children. Vanguard is the custodian of the IRA and they said that the next successor trustee (my elderly uncle) named in the trust would receive it, then his wife (third successor). Vanguard didn't know if RMDs would continue based on the amount I currently receive/my life expectancy or if it would reset or if they would have to empty the IRA within a certain number of years. They just said "contact your tax professional."
Hopefully someone knows the answer to this!
The question is what happens to the inherited IRA after I die?
I have a spouse and two adult children. Vanguard is the custodian of the IRA and they said that the next successor trustee (my elderly uncle) named in the trust would receive it, then his wife (third successor). Vanguard didn't know if RMDs would continue based on the amount I currently receive/my life expectancy or if it would reset or if they would have to empty the IRA within a certain number of years. They just said "contact your tax professional."
Hopefully someone knows the answer to this!
Statistics: Posted by mclvngr — Wed May 29, 2024 2:27 pm — Replies 3 — Views 392