“IRA custodian might try to help determine the RMDs, but they don't always get it right and they are not required to do so for inherited IRAs. Ultimately it's the responsibility of the trustee of the trust to request the necessary distributions, so I would rely on the advice of the trust attorney or another knowledgeable tax professional like a CPA.”
Are you saying a custodian such as Charles Schwab, or any custodian for that matter, after reading the Trust’s documents doesn’t make a Trustee empty the IRA within a certain number of years, for example, 5 or 10 years, and it’s solely up to the Successor Trustee to determine the number of years hopefully based on good legal or CPA advice?
I think that there is a clause that allows SubTrusts but I don’t think I will have the lawyer create them since I didn’t like his other advice. In my opinion it only complicates things especially when I would have to file 3 sets of taxes.
What a mess! I wish my father hadn’t done the Trust.
Thanks for all of your thoughts on this subject!
