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Direct IRA to IRA Transfer

An IRA of the same or compatible tax treatment may be directly transferred from another institution into your Kingdom Trust Co IRA.

This process is referred to as a “transfer” and is specifically different from a “rollover”.  It helps to use the correct terminology when dealing with your current institution and Kingdom Trust Co. to avoid confusion and ensure you receive the correct guidance.

A direct transfer is the preferred method of moving IRA funds and is not limited in amount or frequency.

The transfer request is initiated from KTC as the receiving custodian, using an Account Transfer form.

A transfer is not used when moving funds from a qualified employer plan such as a 401(k).  Such movement is executed as a direct rollover.

Several steps are required to properly execute an IRA transfer without delay.  Please review the following information before submitting paperwork to ensure prompt processing of your request.

Specific instructions for the Account Transfer form are included below.

Timing of Request

An Account Transfer form can be submitted in parallel with your new account application.

If you apply online, you can send the Account Transfer separately once the application has been submitted.

If you apply offline, you can include the Account Transfer paperwork with your application.

Form Download

Kingdom Trust Co. IRA Account Transfer

 

Sample of Completed Account Transfer

We have prepared a sample of a completed Account Transfer that you may find helpful.

Sample of Completed KTC Account Transfer

 

Signature Requirements

The signature requirements for processing of an Account Transfer vary based on the policy of the releasing custodian.

  • Digital signature acceptance is rare. Please do not use digital signatures or digital stamps on this form
  • Most firms will accept a scanned or faxed form with a hand signature
  • Some firms require an ink-signed original of the account transfer form
  • A few firms require the provision of a medallion guarantee, which is a special form of bank notarization. In most cases where a medallion is required, the form must be delivered in the original

It is best to check with your releasing custodian to determine their signature requirements before submitting Account Transfer paperwork.  Submissions in the wrong format can cause delay.

A Statement is Required

In all cases, a copy of a recent statement with the current firm must accompany the Account Transfer paperwork.  This statement is used for account validation, and must include your name, the IRA account type, and account number.

Some “account summary” documents or web-printouts do not contain the necessary identifying information and will be rejected.

The account funding amount and investment allocation are not relevant for this purpose, so don’t worry if the statement does not match the current account positions.

Prior Account Liquidation is Required

Unless you have made prior arrangements in discussion with your Safeguard consultant, cash is the only asset to be transferred from another IRA.

While it is possible to transfer conventional holdings such as stocks, the additional paperwork, complexity, and cost associated with such transfers generally defeat the purpose of doing so.

The transfer of non-traditional assets such as real estate in-kind from another self-directed IRA will require special handling and should be discussed with your Safeguard consultant.

Be sure the amount you wish to transfer has been liquidated out of current investments and into cash or a cash-equivalent fund BEFORE you submit Account Transfer paperwork.  Transfer requests will be rejected if insufficient cash is available.  Liquidation orders can typically take 1-3 days to process and clear.

Document Delivery

The application can be sent one of several ways, depending on the signature requirements of the releasing institution

 

Secure Upload to Safeguard – when originals not required

This method is fastest and allows for our team to review your transfer paperwork prior to submission to Kingdom Trust Co.

After completion, scan the documents and use the following link to upload to our encrypted file portal.

www.ira123.com/secure-upload

 

Fax to Safeguard  – when originals not required

Our fax number is 888-456-5303

 

Mail/Courier to Kingdom Trust Co.- when originals are required

Overnight/Courier Address

1105 State Route 121 North
Suite B
Murray, KY 42071

Mailing Address

P.O. Box 870
Murray, KY 42071

 

 

Step-By Step Instructions

Before starting:

  • Make sure you understand your current institution’s signature requirements
  • Obtain a recent statement for the current account. You can frequently download statements from the current provider’s website
  • Make sure the amount you wish to transfer from the current account is in a liquid cash or cash-equivalent position

Section 1 – Account Holder Information

Enter your personal information.  It is best if your name matches the format used on the current account, including middle initial.

If your name has changed due to marriage or other reasons, you will need to contact Kingdom Trust Co. by phone for guidance and special paperwork to facilitate the transfer.

Enter the Kingdom Trust Account Number if known.  Leave this blank if the Account Transfer is being submitted with a new account application.

Be sure to check the box for the appropriate Kingdom Trust Co. Account Type.  Both institutions will check to ensure this transfer is between compatible account types.

Section 2 – Releasing Custodian Information

Enter the information from your current account statement about the financial institution acting as custodian for your current IRA.  This is not necessarily the investment advisor who manages the account.

The important fields are firm name and account number.  If you cannot locate the address information, that may not be critical.  Kingdom Trust Co. is familiar with most such institutions.

Section 3 – Transfer Instructions

Enter your full name as Participant Name.

Enter the Kingdom Trust Account Number if known.  Leave this blank if the Account Transfer is being submitted with a new account application.

Kingdom Trust Co. will fill in the Date First Participated.

Be sure to check the box for the appropriate Type of Account being Transferred.  Both institutions will check to ensure this transfer is between compatible account types.

The table in this section is where you provide specific instructions on how to transfer funds.

Asset Description List Cash or a cash-equivalent funds in your current account
Quantity in Account This is a “reference” value and should reflect the approximate amount of Cash in the current IRA.  Note that your account could be worth $100K in total, but if only $50K is in cash, you would enter $50,000.
Quantity to Transfer Enter a specific dollar amount to transfer less than the full cash portion of the account.

Enter “ALL” to sweep the account and transfer all available cash.

Transfer as Cash Check this box
This Will Check the appropriate box indicating whether this cash transfer will partially or completely transfer the current account.

 

Section 4 – Delivery Instructions

Select the Delivery Option for Check Payments/Wire Transfers.  Wire is recommended as fastest and most secure.  A wire may incur fees with the current institution and may or may not be available from the current firm.

Skip Delivery Options for Releasing Documents, as that does not apply to cash transfers.

Section 5 – Depository Options

Skip this section, which only applies to physical precious metals holdings.

Section 7 – General Provisions & Signatures

A hand signature is required.

Check with your releasing custodian to determine if they require an ink-signed original or a medallion guarantee.

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