For a beneficiary who wants  to maintain tax-deferral of an inherited IRA or other inherited retirement account, making the wrong election or signing the wrong form can result in the inherited amount becoming immediately taxable. This mistake can be costly and often unfixable. Avoid this mistake by using The Appleby Beneficiary Transfer Assistance Program.

The Appleby Beneficiary Transfer Assistance Program helps beneficiaries avoid ‘unintentional distributions’ and unintentional beneficiary elections.

Denise Appleby’s Beneficiary Transfer Assistance Program includes the following:

• Participating in all conference calls regarding the inherited IRA with you and the IRA custodian. Ideally, this should start before the IRA custodian processes any transactions that involve the inherited IRA, and continue after if necessary.
• Reviewing any and all emails, faxes and any other written communication from you to the custodian of the decedent’s IRA. This too  should start before the IRA custodian processes any transactions that involve the inherited IRA, and continue after if necessary.
• Working with you to help ensure that any IRA established to receive the inherited IRA assets is properly established to receive transfers from the inherited IRA.
• Working with you to ensure that transactions that are intended to be transfers do not get processed as distributions.
• Determining whether any required minimum distribution (RMD) must be taken for the year in which the IRA owner died.
• For spouse beneficiaries, explaining the distribution options that apply, and which option may be used to avoid the 10% early distribution penalty if applicable, and which option would result in the least amount of distribution where possible.
• Explaining the distribution options that apply to the beneficiary(ies) of the IRA.

The  Beneficiary Transfer Assistance Program does not include tax advice or legal advice.. Clients who use the Beneficiary Transfer Assistance Program agree that they have sought or will seek tax advice and legal advice regarding the inherited IRA.

Please contact Denise for assistance with your beneficiary transfer or beneficiary rollover from an employer sponsored retirement plan.

Fee: $2,500. 

Fixing a mistake: If a mistake has already been made with an intended transfer and correction assistance is required, the fee starts at $2,500 and the final fee depends on the complexity of the error and the steps required to pursue a correction with the financial institution.