LPL won’t retitle bene accts due to trust w/o plr #
We have a fairly standard situation. IRA owner died. Beneficiary of IRA was Revocable living trust with two daughters as beneficiaries of trust. One of the kids is the successor trustee. Trust appears to qualify as a look thru trust. LPL is making us have a “hold harmless” letter signed by trustee and it must quote a PLR that is “very similar”. Otherwise, they will only transfer the IRA into one account in the trusts name. For any further division, they will insist that it is a taxable distribution from the trust IRA and presumably would issue a 1099.
Anybody have a PLR that deals with this situation?
Permalink Submitted by mk foss on Sat, 2011-02-26 01:32
At least LPL will retitle as you’ve requested. It’s a standard procedure for them to request a similar PLR and a hold harmless letter. Finding a PLR with similar facts could take some time – this forum is for “off the top” answers and not to do tax reasearch.
You can find PLRs by going to: irs.gov/app/picklist/list/writtenDeterminations.html
Search using keywords or the code section – and be prepared to read a few before you find one. Some tax research programs also allow you to search for PLRs – often a law library open to the public may have resources.