[WSBAPT] IRA Beneficiary Issue

[Jennifer L White]

I concur with Roger and with the additional demand of “Show me MY Money!”
Another thought: If she has her own financial advisor she could have that person do the dirty work of dealing with the invasive company and request a custodian to custodian transfer. They will often do the paperwork for the client and she simply signs. She can then liquidate it at her own brokerage once it is transferred there.

Jennifer L. White, Esq.
[cid:image001.jpg at 01D99F7D.4F66DD10]

jen at appletreelaw.com<mailto:jen at appletreelaw.com>
2200 S 76th Ave
Yakima, WA 98903
509.225.9813

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Roger Hawkes
Sent: Thursday, June 15, 2023 11:07 AM
To: Thomas Fiscus <tjf at thomasjfiscus.net>; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] IRA Beneficiary Issue

Just say ‘no’.

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Thomas Fiscus
Sent: Thursday, June 15, 2023 10:52 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] IRA Beneficiary Issue

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.

Thanks
Tom Fiscus

Law Office of Thomas J. Fiscus
Box 1167
Eastsound, WA 98245
Ph 360-298-0534
WSBA # 44741

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