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How do you name five children as contingent beneficiaries..what average age is used or can't you do it?
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You get a benificiary form from the IRA custodian and
fill in all the children names and the percentage for
each, sign it and send it back, after making a copy for your records. You can amend it any time by submitting a new form.
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By use of the term "IRA Stretch" I am going to assume you want them to be able to take distributions over their life expectancies upon the eventual demise of both you and your spouse.

If you want the youngest child to get the benefit of his own life expectancy, you'll have to split your IRA into 5 IRAs.

Otherwise the distributions must come out over the life expectancy of the oldest beneficiary.

Distributions must begin by 12/31 of the year following death. If not, the entire IRA must be distributed within 5 years after death.



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<<By use of the term "IRA Stretch" I am going to assume you want them to be able to take distributions over their life expectancies upon the eventual demise of both you and your spouse. >>

The original question was likely based upon my new article in the FAQ regarding "stretch" IRAs. If you are interested in the article, you can certainly find it in the Taxes FAQ area.

And, as previously noted, you must have the "approval" of the IRA administrator in order to change your beneficiary designations and add any "contingent" beneficiaries.

TMF Taxes
Roy
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