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Q

I am 73 years old. I have an IRA for over $100,000.00, which matures in 2020. I also have an insurance policy for over $250,000.00. Can I appropriate annual parcels to each beneficiary? I do not trust them to receive the total lump sum of cash, that will defeat my intentions. Additionally, that will place a financial burden on them. How do I set something like this in place?

A

Yes, you can set up a trust, in which once you pass away, the trustee you choose can then disperse the money to your intended beneficiaries.  You should name the trust as the beneficiary on the IRA and the Life Insurance Policy.  The money will then go into the trust, once you pass, and your trustee can disperse the money the way you wish.

Let me know if you are interested in exploring setting up a trust this way, as I can be of assistance.

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