Listener Questions: IRAs and Trusts, and Special Social Security Rules
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 17 December 2018
⏱️ 22 minutes
🧾️ Download transcript
Summary
Devin and John continue working their way through some of the listener questions that have been coming in.
John has a question about making a trust the beneficiary of an IRA, and then Devin has a question about Social Security benefits for public employees who have not contributed to Social Security.
For more information, visit the show notes at https://www.bigpictureretirement.net/102
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:13.0 | Hello, everyone. Welcome to the Big Picture Retirement Show. This is the podcast for anyone who is planning for or living in retirement. |
| 0:23.7 | I'm Devin Carroll, and John Ross is here with me today again answering questions. Hey John. Howdy. So we started last week answering some |
| 0:32.0 | listener questions that have piled up and some that we think have a wide application to our audience. |
| 0:37.1 | So we want to jump back into those today. And so you have a question that came in about using a trust as a beneficiary on RRA. Just real quick, said a good thing or a bad thing. I don't know. Maybe. Okay. Yes. All right. Typical lawyer answer. Yeah, typical lawyer answer. And then I'm going to answer a question, hang on, about public servants, especially |
| 0:55.3 | school teachers and their social security benefits. I got you. All right. Let's jump into you, John. Okay. So, yeah, I got an email from somebody. They had set up a revocable trust as the kind of the primary vehicle for their estate planning. Right. And we've got episodes on wills versus trusts and that sort of stuff. |
| 1:12.0 | So you get more information. |
| 1:13.4 | Just go back and listen to those. vehicle for their estate planning. Right. And we've got episodes on wills versus trusts and that sort of |
| 1:11.8 | stuff. So you get more information, just go back and listen to those. But he had set up a trust |
| 1:16.6 | and was going through the process of retitling assets, getting his non-qualified assets, like his |
| 1:23.2 | checking account, savings account, brokerage account, things like that, all converted into the name |
| 1:28.1 | of the trust, and then had contacted, and in this case, I believe it was Fidelity, who had his IRA. |
| 1:34.5 | Okay. |
| 1:35.2 | And had contacted Fidelity and said he wanted to name the trust as the beneficiary on his IRA. |
| 1:42.4 | All right. |
| 1:42.7 | And Fidelity sent him this piece of paper, basically kind of a warning letter saying, |
| 1:48.7 | most people don't want to do that. |
| 1:50.9 | You should be very careful about doing it. |
| 1:53.6 | So his question was, basically, should I name my trust as the beneficiary on my IRA? |
| 2:02.1 | Again, the answer is maybe, but the reason it's maybe is because it depends on the trust. |
| 2:08.1 | So let's go with the background. |
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