Under Georgia law, a gift can be made for a specific purpose without the necessity of a trust. OCGA § 44-5-87. However, if it appears that the expressed purpose of the gift cannot be accomplished, then the law imposes a trust over it, in favor of the grantor. Id.
A case announced yesterday by the Court of Appeals addresses this question about the above law: How do we know when it's clear a gift's purpose can't be accomplished? In Choi v. Immanuel Korean United Methodist Church, the Court of Appeals considered whether a trust should not be imposed over a large donation to a church's building fund, when no building had yet been constructed. 2014 Ga. App. LEXIS 218.
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Congress has been mulling over allowing the "stretch IRA" benefit to lapse. At present, when you inherit a properly titled IRA, you can continue to allow it to grow tax-deferred, taking only certain required minimum distributions over your lifetime.
That may be all about to change if Congress repeals this lenient rule in the latest transportation bill. All of which, says estate planner Ronald Morton, should make Roth IRA's even more attractive as savings vehicles. Since Roths are paid into with after-tax earnings, they trigger no tax hit when distributions are made, as they would be when the Roth is received as part of an inheritance. ----- Tanner Pittman, LLC is a LaGrange, Georgia, and Metro Atlanta estate planning law firm that advises clients on structuring their retirement assets for inheritance purposes. |
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