Scenario:

Non-spouse inherits an IRA at Schwab and has an IRA-BDA account established with Schwab to receive the assets. All is good.

Problem:

Client wants to transfer the assets from Schwab to NFS. Advisor’s assistant (knowing Schwab does not typically accept liquidation instructions via NFS’s transfer form) has the account liquidated and a check sent to the client (in client’s name, Schwab’s requirement), instead of trying to submit the transfer request. Client deposits check and writes a personal check to NFS to complete the transaction. NFS will not take the check and says the assets must be transferred trustee-to-trustee. Is it at all possible to send the money back to Scwabb and ask them for a trustee-to-trustee transfer instead. Or since the monies have already been distributed, is all hope lost? Still within the 60 day limit if that even matters… thinking it doesn’t.

Thanks in advance for any assistance, even if it’s bad news.