![Trusts & Estates logo Trusts & Estates logo](https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/bltbd5defc64f6009ee/670cf9093dbe55752cb9da04/cf81ba8d-3b13-48d4-9e34-9fad6c8627d7.jpg?width=700&auto=webp&quality=80&disable=upscale)
Notice 2008-30's Thumbs UpNotice 2008-30's Thumbs Up
In a move that generated considerable joy and surprise,1 the Internal Revenue Service announced in Notice 2008-30 that beginning this year, a decedent's qualified retirement account can be directly rolled over into a Roth individual retirement account (IRA) for a nonspouse beneficiary, such as a child, sibling or life partner. (See And the Answer Is p. 30.) Estate planners now have an additional tool
Christopher R. Hoyt
In a move that generated considerable joy and surprise,1 the Internal Revenue Service announced in Notice 2008-30 that beginning this year, a decedent's qualified retirement account can be directly rolled over into a Roth individual retirement account (IRA) for a nonspouse beneficiary, such as a child, sibling or life partner. (See “And the Answer Is … ” p. 30.) Estate planners now have an additional tool using inherited retirement accounts that may provide estate planning and tax benefits for certain nonspouse beneficiaries.
The Roth IRA is treated as an inherited IRA rather than the beneficiary's own IRA.2 Thus, amounts must begin to be distributed to the beneficiary the year after the plan participant died, and the a...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?