How to make a change…
Yesterday I finally finalized the process of a inherited traditional IRA that was my mothers. It is now in my name and it is with Merrill Lynch. I want to move it out of Merrill Lynch and put it with another company… keeping everything the same.. just with another company. Is there anything I should be aware of before I start this process?
Permalink Submitted by Alan - IRA critic on Tue, 2017-11-28 18:42
Only to make totally sure that you do not sign a form or request a distribution, because you cannot do a 60 day rollover. The funds can only be moved by a direct trustee to trustee transfer. You should work with your new custodian and they can initiate the transfer for you in most cases. Again, no check can be made out to you personally or the entire distribution will be taxed. Be sure that you name your own successor beneficiary on your inherited IRA. I assume you know that beneficiary RMDs are required every year, and if your mother was subject to RMDs and did not complete her RMD for her final year, you must also complete that RMD.