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Of IRAs and Blockheads
Apr. 13th, 2006 01:40 pmSo, you're a parent, right? Even if you're not, please, for the sake of this excercise pretend. You've got kids, and you want to make sure that they're set up later in life. So you set up IRAs for them, in their names. You put money in them, and so on and so forth.
Later on, when one of the kids is all grown up and been having some problems paying off a debt to you, you offer the IRA he has as a way of paying off the debt. He says no thanks, but I would really like the info on the IRA for my financial paperwork. A week or two later, he e-mails you again, saying that he needs the information for his finacial paperwork.
A week after that (still no response whatsoever) he calls one of you at work, re-stating that he needs the information. Information on an IRA that is in his name. What, as a parent, is your response?
For example, is it, "Why do you want to know?", with a strong dash of, "We won't give you the information until you tell us why you want it."
This is not making me happy. They have already put Warin and Catchild both in not-so-good graces with one of the finacial aid departments in Alabama because they didn't give him information on something financial with his name on it. Like, say, a savings account with a large sum of money in it. They applied, and, not knowing about the account, didn't list it. Alabama's response was not happy, and they pointed out that Warin and Catchild hadn't listed this account as one of their resources. I think that the two of them stil can't apply for any kind of financial aid from the state of Alalbama because of that debacle.
There is no excuse for this. This is playing games of control with money that has Warin' name on it. No matter what they think of how he lives his life or spends his money, this IRA is in his name. Common bloody courtesy would dictate that they give him the information on it, without playing stupid little petty ass games.
Anyone know of any legal recourse we can take if they decide to be total jackasses about this? Better yet, do any of the folks related to Kathy know where they have their IRAs through so we can contact the financial institution directly?
Later on, when one of the kids is all grown up and been having some problems paying off a debt to you, you offer the IRA he has as a way of paying off the debt. He says no thanks, but I would really like the info on the IRA for my financial paperwork. A week or two later, he e-mails you again, saying that he needs the information for his finacial paperwork.
A week after that (still no response whatsoever) he calls one of you at work, re-stating that he needs the information. Information on an IRA that is in his name. What, as a parent, is your response?
For example, is it, "Why do you want to know?", with a strong dash of, "We won't give you the information until you tell us why you want it."
This is not making me happy. They have already put Warin and Catchild both in not-so-good graces with one of the finacial aid departments in Alabama because they didn't give him information on something financial with his name on it. Like, say, a savings account with a large sum of money in it. They applied, and, not knowing about the account, didn't list it. Alabama's response was not happy, and they pointed out that Warin and Catchild hadn't listed this account as one of their resources. I think that the two of them stil can't apply for any kind of financial aid from the state of Alalbama because of that debacle.
There is no excuse for this. This is playing games of control with money that has Warin' name on it. No matter what they think of how he lives his life or spends his money, this IRA is in his name. Common bloody courtesy would dictate that they give him the information on it, without playing stupid little petty ass games.
Anyone know of any legal recourse we can take if they decide to be total jackasses about this? Better yet, do any of the folks related to Kathy know where they have their IRAs through so we can contact the financial institution directly?
