Re: Question on non-spouse inherited IRA rollover/transfers

> I think the problem arose because your relative went to the

>> adviser of the current account and tried to transfer it that >> way. Of course there was opposition on his part to losing an >> account. The easier way is to go to Fidelity, set up the >> transfer IRA account in the name of deceased, for benefit of >> survivor, and Fidelity will handle all the paperwork for the >> direct trustee to trustee transfer of the assets. > Given that these are American Funds funds, which are loaded > funds sold only through advisors, and (as far as I can tell) > you can't even get a form without talking to an advisor, > things are rather constrained. > > In other words, to do it the way you say (which I agree I'd > prefer in normal circumstances), that means my relative has > to sign up with some AF-approved advisor, get an IRA-BDA > account created, and then do the transfer. > > However, if it is done as a "push" instead of a "pull", AF > will send the money to Fido without my relative having to > sign up with some AF advisor.

A long time ago my wife had an IRA at Prudential that included some mutual funds of Prudential. When we transferred the IRA to another account, Prudential just sold the in-house funds and transferred the cash over. Sounds like this could be a similar situation. If Fidelity can't hold the American Funds, they will have to be sold anyway if they want to transfer to Fidelity. Dennis

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bono9763
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