Has anyone else created a trust?

JHS
Fri, 05 Sep 2014 14:33:45 +0000

Your attorney is absolutely doing the right thing (presuming that you made a decision that you want your IRA money to be paid into trusts when you die, rather than going directly to your children). There’s real benefit in having a separate trust for each of the kids at that point – both significant tax benefits and significant non-tax benefits. The hangup is probably that the three separate trusts don’t exist yet, and don’t have separate tax IDs, and the banks maybe want separate tax IDs for each of the beneficiaries.

I have never had this problem, so I am not certain how to resolve it. You could maybe create the three trusts now?