On March 15, FinCEN issued an administrative ruling affirming that broker-dealers must comply with CIP and CDD requirements when distributing to a beneficiary of IRA funds inherited as part of a charitable estate.
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A trust cannot own a retirement account (e.g., an Individual Retirement Plan (“IRA”) or 401(k)) but it can be named as a death beneficiary. Until 2020, individuals receiving distributions from a retirement plan as a death beneficiary, either directly or as a beneficiary of a trust could expect to take annual taxable income distributions stretched out over their own lifetime; the stretch-out provided both tax deferred growth and income tax savings.
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