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My in-laws had a Joint Living Trust. My father-in-law passed away in 1997 at age 71. He had an IRA in which the Trust was named the primary beneficiary. His wife was the secondary beneficiary. Distributions had started before his death. At the time of his death there was much confusion as to how to rollover this IRA, but in the end it was left alone.The distributions continued, but now, after 3 years we are told this was a mistake and because the Trust was named the primary beneficiary my mother-in-law should have taken a lump sum distribution 3 years ago. At this point she wants to rollover the IRA into her own IRA. Is this possible?
We have been unable to get a straight answer from the bank, tax advisors, lawyers and financial advisors.
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