Everyone remembers certain things in their life such as their first kiss, High School graduation, their first car, girlfriend, job, etc.. But when it comes to the real important things in life, hearing about the Trusteed IRA certainly tops most people’s list, including mine.
The first time I heard of this was likely right around this month many moons ago, so I figured it’s a fantastic time to once again celebrate this very important event in my life. After writing this, I’m going out to celebrate. Care to join?
If you’ve never heard of a Trusteed IRA, then before you can go out and celebrate with me, you’ll need to read this article to learn a little about them, otherwise, you just might feel a bit empty partying with myself and all those around me who will spend a nice evening over at Spago’s discussing this.
To begin with, the tax code allows IRAs to be created as trust accounts, custodial accounts and annuity contracts. Regardless of the form, the federal tax rules are generally the same for all IRAs. But the structure of the IRA agreement can have a significant impact on how your IRA is administered. This article will focus on one type of trust account commonly called a “trusteed IRA,” or “individual retirement trust.”
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