|
Posted by Rich Carreiro on July 24, 2007, 11:52 pm
Please log in for more thread options
> I think the problem arose because your relative went to the
> adviser of the current account and tried to transfer it that
> way. Of course there was opposition on his part to losing an
> account. The easier way is to go to Fidelity, set up the
> transfer IRA account in the name of deceased, for benefit of
> survivor, and Fidelity will handle all the paperwork for the
> direct trustee to trustee transfer of the assets.
Given that these are American Funds funds, which are loaded
funds sold only through advisors, and (as far as I can tell)
you can't even get a form without talking to an advisor,
things are rather constrained.
In other words, to do it the way you say (which I agree I'd
prefer in normal circumstances), that means my relative has
to sign up with some AF-approved advisor, get an IRA-BDA
account created, and then do the transfer.
However, if it is done as a "push" instead of a "pull", AF
will send the money to Fido without my relative having to
sign up with some AF advisor.
--
Rich Carreiro rlc-news@rlcarr.com
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap