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Financial Firms Making Costly Errors in Customers' IRA Accounts
IRA law is complicated and mistakes can be costly.
Consider a Virginia man who instructed Fidelity to withdraw his required IRA payout, $170,000, by year end. The money was not withdrawn on time. The man was penalized $85,000.
Also consider the doctor in New Jersey who instructed his Quick & Reilly broker to create 8 subaccounts out of his IRA, one for each heir. Quick & Reilly delayed doing so because it thought that it could create these subaccounts when the doctor died. They were wrong -- such accounts had to be set up by April 1st of the year in which the doctor turned 70 1/2. That mistake significantly will reduce the heir's inheritance.
Source: Wall Street Journal, March 29, 2000
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Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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