Can a person's legal guardian set up a POD account for them?
I've heard that when parents set up a trust fund for their minor children, they can designate any age they want for the child to be able to access the account. I heard about one where the child couldn't get to the account until he's 35. Is this true? If it is, it seems like a grevious violation of the child's rights!
Received an IRS Levy with an existing customer's name and an EIN. The accounts we have are Joe Blow Family Trust with a different EIN than the one on the levy. The other two accounts are styled, Joe Blow Special Account and Joe Blow both with the SSN of Joe Blow. We called the IRS and they tell us that because it has the right name on it, that is all that matters. This is 941 payroll tax for years of 98-99-00 so I don't think that would be correct. Looks like Joe Blow may have had a business at some point under the tax ID number on the levy, but we have nothing under it. Does the IRS have a legitimate claim to the funds in his personal accounts and the family trust account? I would say no, but then I could be very wrong.
What is the proper way to set up an account for donations to assist a family whose home was destroyed by fire? Who should sign on the account, what tax identification number should be used, and how should the account be titled?
I need information on the new IRA required minimum distribution calculation rules! I understand that they are not mandatory until 2002, but our customers may use it for 2001 distributions.