In this video, we'll help you escape financial pitfalls by mastering IRA accounts and trusts. Learn how to navigate these investment options to secure your financial future! Don't miss out on this valuable information.
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LifestyleTranscript
00:00There are certain things that you can do or really shouldn't do when putting things into a trust.
00:04For example, individual retirement accounts or IRAs, they cannot be owned by a trust.
00:09So those have to stay in your personal name.
00:11However, you can name your trust as the primary or backup beneficiary for your IRA by contacting the IRA custodian.
00:20Trusts are often named as beneficiaries for life insurance policies,
00:23but this is something also that you want to talk to about accountants or somebody that understands the tax implications of doing that.
00:30You can call us. We'll make sure to handle it for you at Digital Ascension Group.
00:33If you do buy or inherit things, that's something else that you probably want to get into the trust as fast as you can as well.
00:40And if you are buying something, you can do that as the trustee of the trust,
00:43if you are the trustee, and make sure that those assets go straight into the trust,
00:47instead of having to go through all the room and roll of back and forth,
00:50buying in your personal name and then transferring it.