Copy of snippet "Inh IRA Set Up"

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Inherited IRA

Distribution mode - If decedent passed prior to 12/31/2019, then following these instructions:

  1. Create the Beneficiary RMD Spreadsheet and save to LF folder in Business Processing. 
  2. Create annual recurring task (see procedures doc in CSS folder) to pop in June of the following year.

Distribution mode - If decedent passed after 01/01/2020 and the original IRA owner was NOT in RMD mode, then following these instructions:
  1. Update title on account at Schwab and in Black Diamond: Nicknamed "Term + 10 years from year of death". Example: DOD = 4/15/21. Titled: "Term 2031".
  2. Create 1 task as a reminder to distribute the account by the year prior to the 10th year. Schedule in January. 

Distribution mode - If decedent passed after 01/01/2020 and the original IRA owner WAS in RMD mode, then following these instructions:
  1. Update title on account at Schwab and in Black Diamond: Nicknamed "Term + 10 years from year of death - RMD". Example: DOD = 4/15/21. Titled: "Term 2031 - RMD".
  2. Create annual recurring task (see procedures doc in CSS folder) to pop in June of the following year.