Living trusts are an exceptionally useful way to manage family finances today. Unfortunately, trusts are also a mystery to most people, as evidenced by the variety of questions fielded by our specialists.
In 2000 Ruth Heffron established a traditional IRA, probably by rolling over a lump sum distribution from her employer's retirement plan. At her death the next year, the IRA was worth $450,000. Heidi Heffron-Clark, Ruth's daughter, was the sole beneficiary of the account. She
began taking monthly distributions from it.
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