My wife and I just completed an estate plan including a Living Trust. Our IRA assets were funded with benificiaries shown as:
- the surviving spouse
- our sons lifetime trust - equal shares
- our Trust if neither of our sons survives us
Question 1: when the second spouse dies, does this funding allow the proceeds to be "stretched" by our sons? If not, how should the IRA assets been funded in our Trust? Question 2: Do 403b funds fall under similar rules as IRA's or do they need to be rolled over to an IRA so the proceeds can be stretched on the death of the secodn spouse? Question 3: If my wife and I die in the same accident, how does that affect this situation, if at all?
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