[WSBAPT] Blocked Account for IRA distributions

[Marcus Fry]

That works well or to avoid opening another account, just have the court order direct that all disbursements from the IRA account go to such other blocked account at another financial institution.  Regardless of what you choose, always try to have in house counsel for the financial institution that holds the IRA review any proposed order before you submit to the court.

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
Adoption Attorney*
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Nicholas Pleasants
Sent: Thursday, January 04, 2018 1:34 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Blocked Account for IRA distributions

Hello Listmates,

I have a guardianship estate (Slightly outside the scope of this listserv, but I'm hoping the Trust folks have dealt with this) in which the assets must be placed into blocked accounts. One major asset is an IRA that is in the RMD period. Obviously I will block the IRA, but how do I make sure that it can keep doing RMD's without getting a court order each year? My thought at this point is to set up another account at the same institution, also blocked, and then just put the RMD in that account (the blocked funds receipt has language that seems to permit movement between blocked accounts at the same institution). Hoping somebody with experience on this issue can point me in the right direction. Thanks.

Best,
Nick Pleasants

Nicholas Pleasants
James Pleasants, P.C.
2300 130th Ave NE, Suite A-101
Bellevue, WA 98005-1755
(425) 615-7070 tel.
(425) 497-0799 fax
nick at pleasantslaw.com<mailto:nick at pleasantslaw.com>
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