One thought on “Collect Those IRA Proceeds! A Nonprofit’s Guide to a Common Problem

  1. This is good advice, but there are many bad actors out there still. Our most recent gaslighting and stonewalling adventure was led by two major national banks and one regional. Although we set out initially to stand firm and talk to the banks’ attorneys, we eventually relented on all three because there were hundreds of thousands of dollars at stake and it is nearly impossible to get access to, or get a response from, the legal departments of major financial institutions. In any event, we are less interested in pursuing litigation on our own than banks are willing to disregard the Internal Revenue Code and their legal requirements in appropriately administering IRA’s as trusts. This needs a class action suit and/or intervention from Congress.

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