Estate Planning Strategies for Clients with Large IRA Assets
Probate and Property, May/June 2002, Volume 16, Number 3
By Brooks J. Holcomb
Code § 408(a) defines an individual retirement account (IRA) as a trust or custodial account established by an individual with a qualified firm that acts as a trustee or custodian of investments contributed by the individual or purchased with funds contributed by the individual. Estate planning professionals have seen tremendous growth both in the number of clients with IRAs and the value of those accounts. This is particularly true for doctors, lawyers, and other professionals, for whom their IRAs are their most significant assets.