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We recognize you have investment management goals as well as unique wishes and dreams on what happens to your money after your death. The IRA represents for many of us the largest asset in our total investments. Our Trusteed IRA enables you to accomplish both investment and estate planning goals under one account, and one document.
Most IRAs at other financial institutions do not give the IRA owner an option to control distributions of IRA funds upon the death of the owner. The standard IRA account gives the IRA owner the option to name a beneficiary who may immediately cash out the entire IRA upon the death of the IRA owner.
With a Trusteed IRA, you may exercise control over how the distributions are made after your death. The beneficiary will receive the IRS mandatory distributions but distributions in excess of these amounts may be made for health, education or support. This provision would be especially helpful with a spendthrift beneficiary. Another circumstance in which a Trusteed IRA will offer valuable planning options is for a young beneficiary. For example, the Trusteed IRA can delay final distribution upon the beneficiary reaching a set age like 35.
In addition to giving you control over distributions for your beneficiary, our Trusteed IRA allows you to exercise control now over who will manage your IRA funds in the event of your incapacity. MEMBERS Trust Company, as trustee of your IRA Trust, will continue its investment management and make distributions on your behalf should you become incapacitated. With standard IRAs, costly guardianships are often required if the IRA owner becomes incapacitated.
IRS regulations and state laws give you the right to exercise control over this important investment. MEMBERS Trust Company wants to simplify the process for you to exercise control by having one document serving as the investment and estate-planning tool.
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