With interest rates so low on CD’s, I am considering a rollover of an existing IRA from a maturing CD to a church. This is a new situation for the church. What is needed to authorize a church to become a custodian of individual IRA’s?
SAVAGE SAYS:? WHOA!!!? And I put that in bold and caps because there is no such thing as a church becoming a custodian for an IRA. This sounds like a true rip-off!? Leave your money in the low interest rate CD, which is FDIC-insured, at your bank. Then if you don’t use all your money before you die, and you don’t have anyone else to leave your money to, you can write a will leaving the balance to the church. DO NOT MOVE YOUR MONEY OUT OF THE BANK!!