Ask Terry Questions IRA rollover to a church

IRA rollover to a church

By Terry Savage on May 13, 2013 | Financial Planning / Retirement

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!!

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