Account Opening
A client has passed away and he was 46 years old. His wife was his primary beneficiary and she is 44 years old. Should they move the account into her own IRA or open an INH IRA? What is a good webpage to provide the branch?
WEB169816 - Transferring to an Inherited IRA vs Spouses own IRA- the FA would want to talk about the different options on this webpage with the client. Would she possibly need to take a distribution in the future and that she could always move it to her own IRA at any time even after she turns 59 1/2.
Does the IRA Trust Certification form print automatically at account opening or does the branch have to print it manually?
They can print the IRA trust certification before they open the account by going to WEB165734 and clicking on the link under Required Documents or when they are opening the account they can print it from the Beneficiary Payout Election Screen. If they say "no" they haven't completed it and keep going, it will appear as a required document at the end of account opening that they can also print at that time. However, the IRA Trust Certification form does not automatically print when the account is opened.
What are the payout options for an adult son who is 71 if his father passed away this year?
Unless the son was chronically ill or disabled, he would have the 10 year payout option - WEB5136820.
When we go to the RMD details screen it says "missing information", do we need to do anything for this active acct?
We are commonly asked questions about RMD details and unfortunately it is not our area of expertise. You would get them to the RMD team at #83, prompt 4, sub prompt 8 and they can help with the information it is missing.
The branch calls in and they are distributing the funds from a Select INH IRA account they opened for the client 6 months ago, how much is the closing fee? Please provide a webpage to support your answer.
WEB5398594 - Inherited IRAs will not be charged an annual fee for 12 months from the day of account opening (not 1st activity).
Inherited IRAs will not be charged a termination fee for 12 months from the day of account opening (not 1st activity). This is a systematic waiver, no action is necessary.
A client has passed away but the primary beneficiary is a client at another EDJ branch. Do they need to open an inherited IRA for the bene or does the other branch where the bene has an account already established?
Either branch can open the INH IRA for the bene. The branch that has the bene as the client may want to go ahead and open the acct since they have the relationship with the client and then give the other branch the acct # for Estate Processing.
When opening an inherited IRA for a minor with a guardian role, what documents are required?
WEB165737
1. Acct Auth
2. CSA
3. Death Certificate
4. Court Order
5. Minor IRA Indemnification Form
Is a client required to take an RMD from their Inherited Roth IRA?
WEB5024493- Determine IRA Beneficiary Payout Options - it would depend on how the bene is related to the client and their age.
How can the branch reprint or change the beneficiary payout options form?
Once an account is opened, the beneficiary payout election topic is owned by the RMD team. To reprint the form or change the options, we would get them to #83, prompt 4, sub prompt 8
Can we change the registration on an inherited IRA to remove the deceased client's name? The client is very upset by the deceased person's name showing up on statements and mail.
Unfortunately we are not able to change the registration, per IRS rules we have to identify the decedent and code the distributions correctly. There is a great letter that the branch can pull up by typing in "WordPower Letter - Registration on Inherited IRA" in Joneslink. There is no webpage for this.
When opening an Inherited IRA, if you get to the Beneficiary Payout Options screen and the decedent's account is not linking the way it should, what webpage would we provide to help them troubleshoot this issue?
WEB5154046 - answer the questions correctly on this decision tree webpage which is seen at the bottom of the bene payout screen to determine how to proceed.
When opening an Inherited IRA for Division & Assignment, what form is required to be signed in order for the assets to be moved from the Inherited IRA for the Trust/Estate to the Inherited IRA(s) for the Trust/Estate beneficiaries?
WEB136481 - Letter of Authorization for Asset Separation for Division and Assignment
If a branch needs to open an INH IRA for the sister of the deceased, and she is 3 years older than the deceased. The deceased passed away 3 years ago. What is their bene payout option?
WEB5136820 - Since the sister was older than the original account owner, she would have either the stretch option or the 10 year payout option regardless of the age of the original account owner.
The branch has a client who doesn't want to accept the the IRA he was beneficiary on when his sister passed away last month. He wants his son to inherit it instead. What options does he have?
WEB036099 - we would not discuss disclaiming with the branch, we can share the WEB and then send the branch to Estate Services.
Is there a penalty for taking a distribution from an inherited IRA with a minor beneficiary?
WEB047739 or WEB6003495 - There is no penalty on a distribution from an INH IRA.
What would be a good webpage to reference to help a branch open an inherited IRA for a foreign beneficiary?
WEB621386- Foreign beneficiary processing for IRA and TOD accts following death.
What are the required documents when opening an Inherited IRA for an Estate.
WEB165736
1. Acct Auth
2. CSA
3. Death Certificate
4. Probate Document
5. Entity's Corp Res (if probate agent is an entity)
A client passed away earlier this year and left their trust as the beneficiary. The trustee has confirmed that the trust is considered a qualified Trust. What resource would we provide the branch about what payout options that trust would have?
WEB5163095 - The beneficiary options for qualified trusts vary based on the beneficiaries of the trust (single or multiple) and the structure of the trust.
Branch called in and wants to know why the RMD Details screen says their client's inherited IRA account must be depleted by December 31st. They thought they had the 10 year payout option.
Transfer this call to the RMD Team at #83, prompt 4, sub prompt 8
What is the process for replacing a Trustee that has passed away on an Inherited IRA for a Trust?
WEB5097628- Process Estate for inherited IRA-Non-owner Deceased OR WEB131315 How to Update a Fiduciary Role on a Retirement Account - they will need to gather the information for the new TTEE and add them to LHLD and have a death certificate of the deceased TTEE and a new IRA Trust Cert form done with new TTEE signing.
A branch calls in and indicates they need to open 3 inherited IRAs. The first one for the client's trust that was named the beneficiary on their account when they passed away in March and the other two for the client's two children who were named beneficiaries in that trust. What types of accounts would we be opening for each?
WEB136481
The account for the trust would be opened as an Inherited IRA.
The accounts for the two children that were named beneficiaries in the trust would be opened as Inherited IRAs for Division & Assignment.
When opening a Transitional Inherited IRA for an Entity, what are the required documents to get the account ready for funding?
WEB165738
1. Acct Auth
2. CSA
3. Death Certificate
4. Corporate Resolution
A branch called in and has a client that inherited an IRA from their brother in 2019. They hold that account at Charles Schwab and are wanting to transfer it to EDJ. What payout options does the client have?
WEB5136814 - they would either have the stretch option or 5 year payout option depending on how old the original account owner was when they passed away but since the account is transferring in from another firm, the client would need to tell us what option they chose with the other firm and they would need to choose the same option on the account here.
Branch calls in because they cannot get the inherited IRA account they just opened to link in the Estates File Manager.
Transfer this call to Estates Services at #20
Branch calls in inquiring about the process of opening an Inherited IRA for a charity that was named beneficiary on their client's account. The charity is a non-profit and does not want to keep the funds invested with Edward Jones but instead plans to take the full distribution right away. What webpage can you provide the branch to discuss this process?
WEB6001093 - Tax Exempt Bene Direct Claim Process