IRA rollovers: 10 tips to get it right

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.