What do I do when a beneficiary to an IRA is deceased. I have two 50% Beneficiaries to a IRA and one is already deceased. Does the other receive the full amount?
A deposit was made into an IOLTA Account, but the lawyer did not tell us who this was benefiting, how do we file the CTR?
FDIC insurance-husband has set up a revocable trust, he and his wife are co-ttee (co-trustees) and son is succ/ttee (successor trustee). How much is this account insured for? The wife has similar trust with names reversed and same son as suc/ttee?
An account holder passed away and named POD beneficiaries who are not US citizens and do not reside or work in the US. No relation to the US other than a family member left them money. The beneficiaries each want to take their share of the account however do not have SSN or ITIN. What do they need to do? These are non IRA funds.
We have a customer who is POD on her fathers account, but she is telling us that she does not want the money. Is there a time limit on how long a POD account can sit out there even if we have contact with the POD? What recourse does the bank have on distributing the money to the appropriate POD? I know that FDIC insurance lapses 6 months after the death of the owner.
On IRAs, upon death of the owner, may the beneficiary (spouse) roll that amount into their own IRA? And, can the beneficiary spouse receive the entire IRA as a distribution.
What are some things to watch out for with Powers of Attorney?
Is there any stipulation on opening a personal checking account as "ITF" an organization in the state of Pennsylvania?
Traditional IRA. If a client opens an IRA and designates his/her spouse as primary beneficiary, does the financial institution need to have the spouse initial and sign under the Spousal Consent - step 3. (nonspouse beneficiary designation)?
If an account was not escheated due to an oversight and the customer is deceased, are we allowed to contact the beneficiary (POD)? Or are we required to send the funds to the state?