Saturday, April 30, 2016

In which the estate will not die - it's like a hydra

Oh good grief.

Primo had money wired from the estate's account for house sale stuff.

No. He tried to have money wired from the estate's account.

Let me back up.

Sly and Doris had their money with ABC Investments. (I don't want to use the real name because it is a reputable organization and this was the error of one person at one branch.)

They had their regular investments and Sly had his IRA there.

Primo inherited Sly's IRA because Sly never got around to changing the secondary beneficiary on the account after Doris died.

Primo has not moved any of the money because it is fine where it is.

He had to have some money wired to the buyer of Sly and Doris' house. He called ABC Investments to have them send the money.

He discovered yesterday (on Christmas, when he went online to check that everything had been done properly) that ABC had wired money from the IRA that Primo now owns instead of from the estate's account.

He is ticked off. It's just one more thing to fix and it has to be fixed ASAP or it could have an impact on our taxes, i.e., we are not taking any distributions this year* because we don't want to deal with the additional reporting.

* Apparently not required first year.

1 comment:

  1. Christmas and relatives do not mix even after death.