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To ‘rule from the grave,’ establish an IRA trust

Q. I began and continued saving the maximum in my 401(k) ever since it was offered at work and my company provided a good match. I’m now several years into retirement and have rolled this to an IRA. My husband agrees that if I should predecease him he would not need all of this money since he has a very nice pension and Social Security. Right now he is the primary beneficiary and our children are listed as contingent. We are thinking about making the children and/or grandchildren the primary beneficiaries of my IRA, but we don’t want them to have the ability to take out more than the required distribution based on their life expectancy. My mother named all of her adult grandchildren as beneficiaries of her IRA which included our four children. Two of the four cashed their inherited IRA out as soon as they could even though we advised them against it. Then the following year those two came to us for help with the tax bite that caused them but that is another story. I have a living trust that has some bells and whistles allowing me to rule from the grave so I’m wondering if I can just modify this and then name the trust as my IRA beneficiary. Your thoughts are appreciated.

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