Of IRAs and Blockheads

[omimouse]

So, 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?

Comments

I doubt you'll want to do this

[mama-hogswatch.livejournal.com]

Publish a notice saying that you refuse ownership of the IRA.

Now, I am sure that the situation ain't that simple. Like I said, I doubt you'd want to do it.

But if someone wants to try to control me through money? They'll find themselves alone with a bag of money. I've had it happen.

[catchild.livejournal.com]

If he wants to he can say he needs the information due to teh way divorce law is in TN. If we were doing a contested Divorce then all his resorces includeing IRA's would be needed for the court to review. Just as all my resources would be required for the court to veiw.

Kathy doesn't have to be told we are doing uncontested. Alterately he can tell them he needs the information because it is an account in his name that he knows nothing about and if he applies for aide anywhere he has to list all of his assets includeing retirement accounts.

[warinbear.livejournal.com]

I told her, in (I think) all three emails I sent her on the subject, that I need it for some financial paperwork I have coming up. I think she's likely to draw the obvious conclusion that it's for divorce purposes, and unless she asks directly I'm not going to tell her anything more about it. I do not like having my chain yanked.

[glinda-w.livejournal.com]

if all else fails, contact the IRS? (saying "I've been told that [person X] is holding [financial resources Y] in my name, but am unable to get further information and I'm concerned about my own tax liability")

and before that, just oh-so-casually (or not) mention to that person that you're going to have to report to and get the information from the IRS if you don't get that information within, say, 5 business days.

just a thought...

[starcat-jewel.livejournal.com]

I like that suggestion! Always enlist the 1,000-pound gorilla on your side when possible.

[ebonunicorn.livejournal.com]

Sounds good to me.

[mikailova.livejournal.com]

Yeah, this is what I would suggest. The IRS can find any money you have, whether you want them to or not. Unless it's cash in a sock under your matress, I bet the IRS can locate it, especially if it's in Warin's name.

[stormerider]

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.

Did they (Alabama) give any information about the account when they complained about it?

[warinbear.livejournal.com]

They did. That account has been closed; this is a different matter.