Designating a Trust as an IRA Beneficiary

An important part of estate planning is designating a beneficiary for your IRA. After all, what's key is making sure your loved ones are in good hands and that your wishes are being fulfilled. Not all families and beneficiaries are the same, though.

It may be necessary to address the specific needs of a family member who will inherit the IRA – while controlling distributions to them over their lifetime. And, in some situations, the needs of a beneficiary can even outweigh tax considerations, as well.

If these instances apply, it may be best to designate a trust as your beneficiary. Consider the SECURE Act-compliant "Flex IRA" from Visions. Use it to address your needs by designating one of these trust options as the beneficiary of your IRA.

Flex Inheritance Protection Trust

This account is for IRA owners who are concerned about an inexperienced or spendthrift beneficiary. As the trustee, the Trust Department is given discretion to make distributions for the beneficiary's health, education, maintenance, and support.

Flex Special Needs Trust

Designed for IRA owners with disabled beneficiaries who currently – or who may in the future – qualify for government benefits. As the trustee of the trust, we would have the discretion to make distributions to supplement, not supplant government assistance, thereby preserving the beneficiary's eligibility for public benefits. This will help give you peace of mind that your loved ones are taken care of.

Flex Charitable Remainder Trust

Feeling philanthropic? This is for IRA owners who want to benefit both a family member and a charity. The beneficiary receives an annual payment with the remainder paid to the charity of the IRA owner's choice.

Connect with us to learn more

Above all, we want to help make sure your wishes are fulfilled and your loved ones are taken care of. If you would like additional information on a Flex IRA and adding one of these trusts to an account with our Trust Department, reach out to us. We're here for you.

Want to meet with someone on our team? We make it easy. Just use the link below. You'll utilize the DocuSign platform to securely put in your information and connect with us. We can't wait to meet you.

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