Bkmk.
We have 2 checking accounts with POD’s attached for SS CHECKS, HIS NAVY PENSION, WE PAY BILLS OUT OF and 2 small by the less most $120 K trust funds. None of it adds up to a lot, and both of us are drawing our small IRA’s now. How does it affect trust funds? Funds are in Annuities, till 1 of us dies.
Our grandkids are our beneficiaries and we have instructions/hints in our wills advising them to transfer them into their own IRAs to get around any of the existing death taxes - and let them know that the IRS will demand some distributions earlier than if they had their own IRAs - looks like we will have to do some research and revamp...other accounts and cash from sale of our condo should help them with college if they so desire if they can keep the IRA status of the main portion of our estate safer for longer.
Commentators have been warning about this for a couple of decades.
At the end of the Bush43 administration, a CA Dem congresscritter openly said Congress was “going to have to tap” IRAs/401(k)s as a new source of revenue.
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