Form 5305

Form 5305

A model form published by the IRS that is used to set up the terms of a traditional IRA trust plan. An employer files Form 5305 with the bank or other financial institution that serves as trustee for the IRA. It is not filed with the IRS.
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* Permitted disparity: The IRS version of the SEP document (Form 5305 SEP) does not provide for integration with Social Security, although some institutional SEP documents do so provide.
The problem with SEPs
However, some practitioners have established IRAs for their clients with the IRS's approved form (Form 5305) and added a paragraph (Article VIII) making the IRA into a QTIP trust.
Reapplying 'The estate of Lucille P. Shelfer v. Commissioner.' (court case involving qualified terminal interest property trust as designated beneficiary of taxpayer's pension account)

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