Most likely, most of the assets could be split. We often split assets by using trusts, but it can be done in other ways. However, an IRA is a retirement plan and beneficiaries must be designated. The only way we have split an IRA is through divorce proceedings. The best way to handle a split and any tax consequences is to consult an estate planning attorney to assist you.
I agree with Attorney McMahon. I would add that, while you may be able to liquidate the IRA, in order to accomplish this split, doing so would likely create tax liability and perhaps penalties, as well, depending on your husband's age. I agree that you should meet with an estate planning attorney to discuss this in more detail.
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Both attorney offer sound advice. You need an estate attorney to get into the particulars and craft a program and documentation to effectuate it. Do not try this on your own, especially here where you have some very specific and special goals.
For more on estate planning and other issues, see Estate Planning Mistakes: 5 Not So Easy Pieces at http://www.sjfpc.com/estate_planning_drafting_wills_trusts.html. Please hit the like button at the end of the article if you found it helpful.
Hope this helps.
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