Every IRA that we've been the beneficiary of has been a paperwork bonanza
to get get liquidated. It feels like they are trying to make it as hard as
humanly possible to liquidate the account. It is not unusual for them to
make us create new accounts to transfer the assets into, then put ahold on
distributions and then only allow partial distributions... until we can
finally clear the account.
Maureen Trafford
Advancement Services Director
Office of Development
23 Elm Street | Northampton, MA 01063
413-585-2032 |
mtrafford@smith.edu
www.smith.edu/giving
*Rally for Smith
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secure 2,019 gifts in February, the Board of Trustees will make a gift of
$325,000 for scholarship aid. Join us and make 2019 your year of Smith!
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On Thu, Mar 7, 2019 at 11:05 AM Rush, Tracy <
trush@otterbein.edu> wrote:
> Hi there!
>
> We have been advised that one of our constituents named us beneficiary of
> several of his accounts. In part, the gift consists of three brokerage
> accounts that are IRAs. The bank’s custodian has advised that we will need
> to set up three new fiduciary accounts to receive these funds, the assets
> will transfer and then we can liquidate. Specifically, there is a Roth IRA,
> a non-qualified IRA, and a traditional IRA.
>
>
>
> We already have a brokerage account with this particular bank. Has anyone
> experienced this type of situation? At the end of the day, we will do what
> we need to in order to receive the gift, but it seems like extra steps.
>
>
>
> Tracy Rush
>
> Executive Director Annual Giving and Advancement Services
>
> Otterbein University
>
> 1 South Grove Street
>
> Westerville, OH 43081
>
> (614) 823-1290
>
>
>
> To make a gift, please visit:
www.otterbein.edu/makeagift
>
>
>
>
>