Hello,

A client requested an IRA transfer from one annuity company to another annuity company. While the check was in transit the client passed away. The new carrier did not accept the check as the client had passed away and sent the proceeds back to the original carrier. The original carrier is not putting the funds back into the original contract as the client has passed away and wants to distribute the funds to the Estate, fully taxable and not to the non-spouse beneficiary or to the Estate as an IRA-BDA.

I am interested in hearing feedback on how the annuity company is treating this situation/distribution. Thank you.