Attorneys Ken Wingate and Matthew Myers recently received approval from the IRS for a Private Letter Ruling regarding the distribution of a retirement account that was payable to a decedent’s estate. The Private Letter Ruling allowed the retirement account custodian to set up inherited retirement accounts for the decedent’s children, who were beneficiaries of a trust that itself was beneficiary of the estate, rather than having to leave the estate open (with additional administrative costs) in order to stretch the retirement payments over the decedent’s actuarial life expectancy. Now the estate may close, and each child is free to separately invest and distribute their separate inherited retirement account (beyond the required minimum distributions) as they may wish.
Wingate and Myers Obtain IRS Private Letter Ruling
Updated: Sep 28, 2020