Next year a family member must start their RMDs from an existing IRA. They also have an Individual / non-qualified account. Said person "doesn't need the money", as they say, so the existing ACH transfer-to-bank process isn't what we're looking for.
What we're casting about for, are alternatives to handle the RMD process with as little human intervention as possible. This would be a once-per-year process, as we currently envision it. How many of the following steps can Fidelity automate?
- Determine the RMD amount, from previous year's 12/31 balance.
- Liquidate that amount from mutual fund in account.
- (Easy one; you're already doing that in another account.)
- Transfer that amount (in cash) IRA --> Indv
- (Also believed to be easy, since you already handle ACH transfers to bank.)
- Re-invest that amount in (different) mutual fund in Indv account.
- I feel this is the biggest obstacle ... and would be happy to be wrong!
ALTERNATIVELY, steps 2 and 4 might be bypassed, thus:
3. Transfer that amount in-kind via shares, if we're willing to use the same fund.
Re-emphasizing: we know -all- of this can be done by a person. We're trying to bypass that person.
--> You don't have to tell us HOW to implement this; we'll cross that bridge when we get to it. Just have to know WHETHER it's possible, or not.
--> Answer not urgent -- we've got 8 more months to figure it out!
Many thanks!