Since tax reform was enacted on December 22, the IRS has been hard at work trying to figure out how to implement the law. They still have a long way to go, but you can keep up with their efforts on their website: www.irs.gov/newsroom/tax-reform. In the meantime, here are some key points.
Question: My husband and I met recently with our estate-planning attorney who advised us to transfer our assets into our living trust. When we asked our financial institution to transfer our IRA accounts to the trust, they told us they can’t do that. Why not?
Answer: I get this question all the time. It reminds me of the old Meatloaf song – “I Will Do Anything For You – But I Won’t Do That.” I’ll try to explain, in simple, logical English why you can’t do that.