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Subject:  Re: non spouse IRA beneficiary Date:  7/8/2000  5:05 PM
Author:  SuzanneSLO Number:  37243 of 127635

Redhead, you asked: Isn't it possible to open a new IRA and move the assets from the first into the new one? (I did this when I moved my existing IRA from a mutual fund company to a discount brokerage firm.)

Yes, you can change IRA custodians as often as you like, either befere or after your start to receive mandatory distributions.

If so, couldn't the daughter then be named orginal beneficiary of the new IRA, thus circumventing the problems with changing beneficiaries?

Yes, you can name a different beneficiary. This will mean that the new beneficiary will get the money when you die.

No, it will not change how required minimum distributions are calculated, unless the new bene is older and the effect is to accelerate distributions. The law is written so that the IRS gets its cake and gets to eat it too.

Best plan of action: do a beneficiary check up for all your IRA's just after your 70th birthday. Consult with your estate planner and make sure the beneficiary designation makes sense in light of your entire estate plan and then applicable law.

-- SuzanneSLO

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