From the information you provided it would probably be best to designate your son as the beneficiary on all retirement accounts (IRAs) and the life insurance. You would then put all other assets into your living trust. The reason behind this is by having a trust as beneficiary of your retirement accounts it may limit how your son is able to take distributions from this account after you have passed away. He may even be forced to liquidate this account within 5 years rather than stretch the distributions out which could have a huge impact from a tax standpoint.

Now I don't pretend to know your full situation, I'm just going off of what you have provided. I am assuming you used an attorney to draft the trust, he should definitely be able to help clarify things for you. One more question, why do you have "several" IRA accounts? Why not consolidate these?

Please let me know if you have any questions.

http://evolutionofwealth.com

Your IRA fund account should name your son directly as beneficiary. Upon your passing the account will pass to him as a beneficiary IRA. If the IRA passes to the trust, you may create unintended tax consequences for your son, as stated by Evolution of Wealth. If you declare your son as beneficiary of the IRA and are not yet taking the annual Required Minimum Distribution or RMD (starts the year you turn 70 1/2), your son will not have to take any distributions until he reaches the RMD age. If you were already taking the RMD because you were over 70 1/2, then your son would be required to continue distributions, but over his life expectancy.

A Living Trust is merely an alter ego so what you did is left your IRA to yourself which would trigger an imediate distribution.

If you want your son to inherit all your assets then he should be named as the beneficiary on each IRA account and if your state allows it, your non IRA accounts could be titled as payable on death of transfer on death accounts and they would pass on to your son at your demise upon his providing suitable documentation.

Thank you for responding. The IRA accounts are bond, balance and equity funds with one firm. Thinking about it, it is one account.

Yes I feel that you have chosing your son as beneficiary is great, thats your only child and deserves it. I have one child and feels she deserves to be the beneficiary I wouldn't feel good knowing I left this earth leaving her with nothing especially after losing a parent.

I owuld think to leave everything to him, allyou have to do is have it documented somewhere. As Registered Nurse, I know the importance of having things "written down" and documented properly. As long as it is stated somehwere in "black and white", I would assume this to be acceptable in all realms of the legal system when you pass.

I am not a financial expert, but I believe the trust is the way to go.