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IRA rollovers: 10 tips to get it right

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The potential business building benefits in the IRA rollover market is staggering – to say the least. But, so are the red flags and potential pitfalls that come with it.

If the rollover isn’t done right, the E&O hit could spell the end for the advisor and his practice. Here are 10 tips to ensure you get it right:

  • Make required minimum distributions in a timely fashion.
  • Take the proper required minimum distribution (RMD) dosage.
  • Keep track of basis.
  • Perform rollovers without triggering taxable events.
  • Make sure accounts are liquid enough to cover RMDs.
  • Factor in the tax implications of net unrealized appreciation.
  • Maintain a handle on beneficiary designations.
  • Preserve liability protection.
  • Keep abreast of deadlines.
  • Reckon with a lack of standardized account guidelines.