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On my Traditional IRA, I have my wife as my primary beneficiary, and my minor child as a contingent beneficiary. Can anyone tell me if this is wise to have a minor beneficiary? If both my wife & I were to die, would the IRA custodian be able to distribute this asset to the minor child, and could it be governed by our designated guardian for this child? What are the best ways to minimize the tax on this distribution? Lastly, what are the tax or control advantages in setting up the contingent beneficiary as a trust for the minor child?
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