Johni's Hays Rift Project Update presentation at the January 2024 INWPGC meeting was incredibly informative.
To view a recording, go to https://www.youtube.com/watch?v=KjUwwihs3i4
10 Tips for Success to Receive Beneficiary Funds
Follow up at least weekly or biweekly with the custodian for a status update.
Keep copies of EVERYTHING sent – “they’ll lose it 8 times”
Reject the custodian’s request for information not required of charities.
Know when/where to use the new IRS Form W4-P.
Use the RIFT Database - check every time your charity has a new claim due to recent updates [click on ADVOCATE, then Charitable Beneficiary IRA Distribution Resource Center]
Know whose paper the death claim account is written on – work with them and avoid intermediaries if possible.
Realize the custodian may not tell you the amount of the charity’s claim - push back - that's the charity's account now; also, ask if there are other charitable beneficiaries as they can work together to push back.
Beware of income tax withholding issues – especially with qualified retirement plans. Fix it right away if the custodian withholds income tax - have them remedy it immediately.
Know that IRAs can be processed differently than TOD accounts within the same custodian.
Avoid asking for exceptions from anyone but their legal department - others (e.g., local reps, customer service staff, etc. have no authority to make the needed exceptions.)
If you are interested in joining the RIFT Advocates Bequest Working Group, please contact:
Karen Smedley, Duke University
Johni is available for specific questions and wants to hear about your successes.
Johni Hays, JD
Thompson & Associates, Executive Vice President