[WSBAPT] IRA Beneficiary Issue

[Thomas Fiscus]

Listmates: One of the designated beneficiaries of my deceased client's IRAs is being told by the holder of the IRA (a multistate company with an office in Washington) that she must disclose an extraordinary amount of information about her personal finances in order for the company to set up an account for her into which they can then make IRA distributions to her.  I'm aware of the SECURE Act requirements regarding the distribution periods for inherited IRAs, but in this case the beneficiary wants a full distribution (not into an IRA) and understands that she will bear whatever tax consequences there are - so there is no need for her to create an "account" with the holding financial organization.  The amount of detail being demanded by the organization is pretty invasive.  I have as yet not engaged with the financial institution and am looking for any statutes or IRS regulations that permit (or require) such demands by them.  She is a US citizen with a social security number and a bank account in the US into which the funds would be deposited.  The demands are such that she is considering disclaiming the gift, rather than have to give all this data to a company to which she does not want a client relationship.  Any thoughts about dealing with the financial institution are appreciated.
ThanksTom Fiscus
Law Office of Thomas J. Fiscus
Box 1167Eastsound, WA 98245Ph 360-298-0534
WSBA # 44741
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