My wife and I have just one grandchild from one of our two sons (with no current plans for a second). The other son and wife are trying but no luck yet. After our passing, we would like our IRA and Roth IRA to be shared by all grandchildren -- probably equally. How can we accomplish this? You could name your “living grandchildren” as beneficiary at the time of your death, but many financial institutions might not accept that vague beneficiary designation without your grandchildren’s specific names. Moreover, minor grandchildren cannot sign the necessary paperwork to open an inherited IRA, cannot manage the investments, and cannot request the required minimum distributions. You may instead need to consider naming a trust for your grandchildren as the beneficiary of your IRAs. You should consult with a financial advisor on the best way for this type of asset to pass to a minor.

If an IRA to Roth IRA conversion was done on Dec. 30, 2013, can it be recharacterized on Jan. 30, 2014, to avoid liability on the conversion? Can it legally be converted again in 2014 to avoid modified adjusted gross income (MAGI) limits? And finally: If the conversion and recharacterization are done before April 15, 2014, how do I show this maneuver when I file my tax return? A 2013 conversion can be recharacterized (that is, reversed) as late as Oct. 15, 2014. If it’s recharacterized in 2014, that 2013 conversion cannot be reconverted until more than 30 days after the recharacterization. Follow the instructions on IRS Form 1040 and Form 8606 on how to show the moves on your tax return. You might want to consider having your taxes done by a professional for that tax year.

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