Moving IRA Inheritance
Why can't I move my IRA inheritance from my mother's financial investment company to my investment company without having to liquidate the monies first? This took the investments out of the market and I lost money. Thank you.
Terry Says
Your mother's investment company should have created a new IRA account for you as the beneficiary of the estate of the decedent (after you provided the death certificate). At that point, the assets in the account were yours. You don't say why you wanted to change custodians. Many firms DO require liquidation of such an account on transfer -- BUT must facilitate the rollover request to another trustee so you can extend the growth of the account on a tax-deferred basis. They should have provided you with that opportunity and advice. And the rollover should have been made promptly so that you did not remain "out of the market" for long! If any of these conditions were not met, then you should consult a securities lawyer. And be very sure that when the money was moved, it was done from custodian to custodian, avoiding immediate taxation!
