Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-29-2009, 08:50 AM   #21
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
While no help to 2B, I would think the rest of us would rather avoid this kind of hassle. The outcome of this IMO would have been quite different had 2B's father had a proper Will naming an "Executor" to set up an estate and distribute the assets according to the Will. I believe then, the annuity could have been in your fathers name and the estate would pay the taxes.
__________________

__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-29-2009, 09:12 AM   #22
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,490
Quote:
Originally Posted by 2B View Post
Things just get worse with this crap.....

My sister is now unable to deposit the check from the annuity because it was made out in all of the siblings names. We all signed but that doesn't seem to be enough.

She has had the annuity charged against her SS number and owes taxes on the total amount. WAMU won't let her deposit the check into her account because the check was made out to all of the siblings.

I'm prepared to fly to Seattle to open a joint account but it seems totally silly since it will be closed in a week.

Annuities suck or worse.
The simple (but not easy) solution to this is to open a joint bank account with all the siblings and deposit the check. You should be able to do online with no travel. Print forms, fedex around to each for signature - most likely a signature guarantee will be needed - and either mail or submit at the local branch. No sibling should be required to be pghysically present.

It's unfortunate to have to do this, but involving lawyers will only transfer the money from you to the lawyer, and ranting at the bank may be emotionally satisfying but financially unproductive.

I have faced similar problems a number of times and whenever the names on the accounts differ from the signatures on the checks it takes a great deal of effort to deposit, and it always involves the local bank folks making exception to the rules. Under current circumstances I wouldn't expect any bank, especially one recently taken over, to make any kind of exception.

WaMu is lousy but JPM Chase is much worse.
__________________

__________________
MichaelB is offline   Reply With Quote
Old 01-29-2009, 10:31 AM   #23
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
At least you've made a lot of progress since the original problem. The good news is that there IS a check and that you can get it taken care of, albeit with some effort on your part.

Good luck and I hope you post in a week that the check's been cashed and proceeds distributed and your sister recompensed (if that's a word) for the tax hit if necessary.

Your story has really taught me a lot about how someone's good intentions (your father's) can go awry.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 01-29-2009, 10:44 AM   #24
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Sign it over to me, my bank would take it.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 01-29-2009, 10:46 AM   #25
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Quote:
Originally Posted by 2B View Post
Things just get worse with this crap.....

My sister is now unable to deposit the check from the annuity because it was made out in all of the siblings names. We all signed but that doesn't seem to be enough.

She has had the annuity charged against her SS number and owes taxes on the total amount. WAMU won't let her deposit the check into her account because the check was made out to all of the siblings.

I'm prepared to fly to Seattle to open a joint account but it seems totally silly since it will be closed in a week.

Annuities suck or worse.
Can she ask WAMU if they will accept a power of attorney from each of you?
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 01-29-2009, 11:58 AM   #26
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by Bikerdude View Post
While no help to 2B, I would think the rest of us would rather avoid this kind of hassle. The outcome of this IMO would have been quite different had 2B's father had a proper Will naming an "Executor" to set up an estate and distribute the assets according to the Will. I believe then, the annuity could have been in your fathers name and the estate would pay the taxes.
My father did everything perfectly except setting this annuity up. He had a good will and had my youngest sister as executer. He set it up in all of our names as owners but the idiot that set it up for him put it in my youngest sisters name/SS for when it could be taken out without penalty. We went round and round trying to redo the annuity into 5 individual annuities or to get individual checks. They were not able or willing to make any changes.

We would have all been much happier if he had spent the money himself or had it in his estate when he died. All the annuity did was give away a bunch of fees for poorly performing funds and create a mess for his children as they try to get the money.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 01-29-2009, 12:06 PM   #27
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Quote:
Originally Posted by Martha View Post
Can she ask WAMU if they will accept a power of attorney from each of you?
That's what I had told my sister to ask about. Everyone but me lives in the greater Seattle area so they could meet at a central banking location. It's not real convenient to all get together since that goes all the way from Bellingham to Buckley but except for me it's not a major deal.

My sister is figuring her taxes and will distribute our shares as after tax. She has almost no income so she's probably the best one to take the hit. The annuity people were very clear that she was going to get the 1099. I'll look into the possibility of her creating 1099s for all of us but I'm not sure it would be much better.

To avoid the gift tax issues, she was going to fill out the form taking it away from her estate tax exclusion. There's no way she'll ever have to worry about leaving an estate any where near $1MM.

Mostly, my siblings are sick and tired of this and just want it over with.

My sister is supposed to go by the bank to see what WaMu's legal review says they will do. They will either let her deposit the check or force us to open a joint account. If its the joint account, we'll have to see if they will work with a mailed/internet application from me.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 01-29-2009, 03:18 PM   #28
Recycles dryer sheets
 
Join Date: Nov 2005
Posts: 355
Your joint account is with the bank, not with the branch. Why do you each have to go to the same branch to open the joint account when you could each go to a different branch closer to your residences?
__________________

__________________
heyyou is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Annuity post to end all annuity posts... Midpack FIRE and Money 61 07-09-2008 08:29 AM
Rolling over annuity money to Variable Annuity?? bigcedargrandma Hi, I am... 4 03-20-2008 07:39 AM
Let me get even and then......(rant) VaCollector Other topics 23 01-22-2008 11:34 PM
Rant W2R Health and Early Retirement 16 07-28-2007 05:12 PM

 

 
All times are GMT -6. The time now is 08:24 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.