Anyone here familiar with "Family Trusts"...?

[Thunderbeast]

7. Talk to your estate lawyer

Trusts simplify the transfer of assets by avoiding lengthy probate. If you are beneficiaries of the trust (as I suspect), the document will designate if one or all of the heirs is the new trustee when the second parent dies. The heirs can manage the distribution of assets as directed by the parent's will (a separate document). Retirement accounts (IRA, 401K, and Roth IRAs can not be held by a trust.

Proceeds of IRA accounts are taxed as regular income (which can be paid by the estate before distribution). Beneficiaries generally have ten years to deplete the account (after rolling it over into their own beneficiary IRA) or be liable for a 50% penalty on un-disbursed balances.