<div dir="ltr"><div>Jenna,</div><div><br></div><div><br></div><div><br></div><div>I second Jim's recommendation. I had a client with a similar issue.</div><div><br></div><div><span style="font-size:12.8px">Transfer the IRA to another provider that understands IRC 401. Once the IRA is in the hands of a provider that understand IRC 401, the client can again make the request. </span><span style="font-size:12.8px"></span></div><div><br></div><div><br></div><div>The (revised) process is:</div><div>1) Move the account by means of a plan-to-plan transfer to an <span class="gmail-m_6701993892098687199gmail-il">IRA</span> provider <u>that permits such transfers</u>. (Fidelity is one of these; the link below also lists a few other providers). </div><div><br></div><div>2) Once the account is moved to the new <span class="gmail-m_6701993892098687199gmail-il">IRA</span> provider, the (second) transfer of the <span class="gmail-m_6701993892098687199gmail-il">IRA</span>, intact, to the beneficiaries of the estate or trust can then take place. It may need to occur in a subsequent tax year - you'll want to coordinate with a CPA, esp. if you have a current provider refusing to make RMD now.<br></div><div><br></div><div>3) <span style="font-size:12.8px">ask the last (second) IRA provider what, if any, time restrictions are on a transfer to beneficiaries (ie Can it be done the same (tax) year? or do you need to wait until following year). I can't recall, but I think there is also a deadline involved for all transfers.</span><br></div><div><br></div><div><br></div><div>a link to additional information about the process</div><div><div style="font-size:12.8px"> </div><div style="font-size:12.8px"><a href="http://www.ataxplan.com/bulletinBoard/ira_providers.cfm" target="_blank"><font color="#0066cc">http://www.ataxplan.com/</font><font color="#0066cc">bullet<wbr>inBoard/ira_providers.</font><font color="#0066cc">cfm</font></a></div></div><span style="font-size:12.8px"><div><br></div><div><br></div><div><br></div><p><br></p><div><br></div></span><div><br></div><div><div><strong><font face="arial black,sans-serif">Holly Henson, CPA</font></strong></div><div><strong><font face="Arial Black">Attorney</font></strong></div><div><em><font face="times new roman,serif">PO Box 1555</font></em></div><div><em><font face="times new roman,serif">Bellevue, WA 98009</font></em></div><div><em><font face="times new roman,serif">phone <span style="white-space:nowrap"><span style="white-space:nowrap"><span style="white-space:nowrap"><span style="white-space:nowrap">(206) 203-3259<a title="Call: (206) 203-3259" style="margin:0px;border:currentColor;width:16px;height:16px;overflow:hidden;vertical-align:middle;float:none;display:inline;white-space:nowrap" href="https://mail.google.com/mail/u/0/#UNIQUE_ID_SafeHtmlFilter_"><img title="Call: (206) 203-3259" style="margin: 0px; border: currentColor; border-image: none; width: 16px; height: 16px; overflow: hidden; vertical-align: middle; float: none; display: inline; white-space: nowrap;"></a></span><a title="Call: (206) 203-3259" style="margin:0px;border:currentColor;width:16px;height:16px;overflow:hidden;vertical-align:middle;float:none;display:inline;white-space:nowrap" href="https://mail.google.com/mail/u/0/#UNIQUE_ID_SafeHtmlFilter_UNIQUE_ID_SafeHtmlFilter_"><img title="Call: (206) 203-3259" style="margin: 0px; border: currentColor; border-image: none; width: 16px; height: 16px; overflow: hidden; vertical-align: middle; float: none; display: inline; white-space: nowrap;"></a></span><a title="Call: (206) 203-3259" style="margin:0px;width:16px;height:16px;overflow:hidden;vertical-align:middle;float:none;display:inline;white-space:nowrap" href="https://mail.google.com/mail/u/0/html/compose/static_files/blank_quirks.html#SafeHtmlFilter_" target="_blank"><img title="Call: (206) 203-3259" style="margin: 0px; width: 16px; height: 16px; overflow: hidden; vertical-align: middle; float: none; display: inline; white-space: nowrap;"></a></span><a title="Call: (206) 203-3259" style="margin:0px;width:16px;height:16px;overflow:hidden;vertical-align:middle;float:none;display:inline;white-space:nowrap" href="https://mail.google.com/mail/u/0/html/compose/static_files/blank_quirks.html#SafeHtmlFilter_SafeHtmlFilter_" target="_blank"><img title="Call: (206) 203-3259" style="margin: 0px; width: 16px; height: 16px; overflow: hidden; vertical-align: middle; float: none; display: inline; white-space: nowrap;"></a></span></font></em></div><div><em><font face="times new roman,serif"><span style="white-space:nowrap"></span></font></em> <br></div></div><div><br></div><div><br></div><div><br></div><div><br></div><div><br></div><div><br></div><div><br></div><div class="gmail_extra"><br><div class="gmail_quote">On Wed, Jul 5, 2017 at 4:22 PM, James B. Dolan <span dir="ltr"><<a href="mailto:jbdolan@jbdolan.com" target="_blank">jbdolan@jbdolan.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;padding-left:1ex;border-left-color:rgb(204,204,204);border-left-width:1px;border-left-style:solid"><div lang="EN-US"><div class="gmail-m_4135031987969093850WordSection1"><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt">Jenna:<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt">Consider transferring the IRA to another company. I have run into this problem with Chase. I do not recall the exact IRC (401 and/or 402) that permits a “pass through’ or “look through” the trust to the beneficiary. Despite having letters from two CPA’s explaining this, Chase still would not do it, so my client simply transferred the IRA to a different company and they did it (I do not recall which company that was).<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt">Good luck,<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt">Jim Dolan<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">===================<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u> <u></u></span></p><p class="MsoNormal"><b><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Jones Butler Dolan, PS<u></u><u></u></span></b></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><a href="http://www.jbdolan.com" target="_blank">www.jbdolan.com</a><u></u><u></u></span></u></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><a href="http://www.jonesbutlerdolan.com" target="_blank">www.jonesbutlerdolan.com</a><u></u><u></u></span></u></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u><span style="text-decoration:none"> </span><u></u></span></u></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Mount Vernon<u></u><u></u></span></u></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">P.O. Box 2784<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">415 Pine Street <u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Mount Vernon, WA 98273<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Telephone: <a href="tel:(360)%20336-2939" target="_blank" value="+13603362939">360-336-2939</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Facsimile: <a href="tel:(360)%20336-2949" target="_blank" value="+13603362949">360-336-2949</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u> <u></u></span></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Stanwood<u></u><u></u></span></u></p><p class="MsoNormal"><u><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif""><u></u><span style="text-decoration:none"> </span><u></u></span></u></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">P.O. Box 458<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">10027 - 269th Place NW (SR 532)<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Stanwood, WA 98292<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Telephone: <a href="tel:(360)%20629-3833" target="_blank" value="+13606293833">360-629-3833</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif"">Facsimile: <a href="tel:(360)%20629-6253" target="_blank" value="+13606296253">360-629-6253</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125);font-family:"Calibri","sans-serif";font-size:11pt"><u></u> <u></u></span></p><div style="border-width:1pt medium medium;border-style:solid none none;border-color:rgb(181,196,223) currentColor currentColor;padding:3pt 0in 0in"><p class="MsoNormal"><b><span style="font-family:"Tahoma","sans-serif";font-size:10pt">From:</span></b><span style="font-family:"Tahoma","sans-serif";font-size:10pt"> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.<wbr>com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.<wbr>wsbarppt.com</a>] <b>On Behalf Of </b>Jenna Brozik<span><br><b>Sent:</b> Wednesday, July 05, 2017 2:32 PM<br><b>To:</b> WSBA Probate & Trust Listserv<br></span><span><b>Subject:</b> [WSBAPT] Issue with Testamentary Trust being the beneficiary of an IRA<u></u><u></u></span></span></p></div><p class="MsoNormal"><u></u> <u></u></p><div><div><p class="MsoNormal">List mates,<u></u><u></u></p></div><div><div class="gmail-h5"><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Here is the scenario. The mother died leaving everything to her son in a testamentary trust. (not living trust). According to the trust, he received 1/2 her assets when he turned 25 and the remainder of the trust he is to receive at age 30.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">He has now turned 30. The mother listed his trust as the beneficiary of her IRA. Now the company that runs the IRA is saying that since he is 30 he is to receive all of the IRA (at once with all the tax consequences) because that is the language of the trust. They have refused to roll it over into an IRA in his name and they have refused to continue to give him the minimum distributions.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Does anyone have any suggestions? There was already a probate which was closed last year.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Thank you, <br clear="all"><u></u><u></u></p></div><div><div><div><p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Jenna Brozik</span><u></u><u></u></p></div><div><p class="MsoNormal"><span style="font-family:"Trebuchet MS","sans-serif"">Attorney at Law</span><u></u><u></u></p></div><div><p class="MsoNormal">Prinz & Brozik PLLC<u></u><u></u></p></div><div><p class="MsoNormal">445 S Grand Ave<u></u><u></u></p></div><div><p class="MsoNormal">Pullman, WA 99163<u></u><u></u></p></div><div><p class="MsoNormal"><a href="tel:(509)%20338-0908" target="_blank" value="+15093380908">(509)338-0908</a> / <a href="tel:(509)%20338-3527" target="_blank" value="+15093383527">(509) 338-3527</a> (fax)<u></u><u></u></p></div><div><p class="MsoNormal"><a href="mailto:jennaprinzlaw@gmail.com" target="_blank">jennaprinzlaw@gmail.com</a><u></u><u></u></p></div><div><p class="MsoNormal"> <u></u><u></u></p></div></div></div></div></div></div></div><div id="gmail-m_4135031987969093850DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2">
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