IRA’s Individual Retirement Accounts

By Kristen M. Lynch and Linda Suzzanne Griffin When does the term “beneficiary” not mean “beneficiary”? In the recent case of Robertson v. Deeb, the court determined that an interest of a beneficiary of an inherited individual retirement account (“IRA”) was not an...

If the beneficiary of an IRA is a trust then complicated rules apply to determine whether you can defer the payments of the IRA over the life expectancy of a designated beneficiary (“DB”). If your trust “fail safe” clause provides that, if all named beneficiaries are...

  After a decedent’s death, a personal representative or trustee often discovers that a decedent’s individual retirement account (“IRA”) beneficiary designation is wrong, incomplete or missing. Many people think that, by fixing this beneficiary designation via court...

Many individuals own an individual retirement account (“IRA”) with a named beneficiary. Under current law, if the beneficiary is a designated beneficiary, then, when the owner dies, the designated beneficiary must take at least a minimum required distribution (“MRD”)...

Even though Florida is not a community property state, Florida does have a statute that addresses community property for residents of  Florida who have moved here from a community property state. Community property can be very advantageous for tax and marital reasons....

In a recent United States Supreme Court decision, Clark v. Rameker, Trustee, the Court determined that inherited IRAs are NOT exempt under federal bankruptcy law. The Court decided that an inherited IRA did not have the same characteristics of a “regular” IRA in...

As you probably know, Fla. Stat § 732.703 was created and now governs the effect of divorce, dissolution or invalidity of marriage on the disposition of certain assets with beneficiary designations, like life insurance and IRAs. A beneficiary designation made by the...

Under prior law,  most financial professionals were NOT considered a fiduciary under Section 4975 (c)(1)(E) and (F) of the Internal Revenue Code (the “Code”) , which provides that a fiduciary can NOT handle income or assets of a plan or IRAs in the fiduciaries’ own...

Under prior law,  most financial professionals were NOT considered a fiduciary under Section 4975 (c)(1)(E) and (F) of the Internal Revenue Code (the “Code”) , which provides that a fiduciary can NOT handle income or assets of a plan or IRAs in the fiduciaries’ own...