TIAA-CREF

[FinanceDude]

Sometimes, they are absolute boneheads. My sister's retirement plan with the universoty is through them. Now that she died, they want me to go though a very expensive process of setting up a conservatorship to manage the funds for my minor children, whom she named as beneficiary. They told me that's "their policy" for accounts over $10,000.

My response was to draft a legal response, stating:

I am the legal guardian of my children, and thereby have legal right to oversee the funds, and my sister's wish of how they are to be used.

I am a registered investment advisor, so I am well aware of the fiduciary responsibility of this account.

I am willing to redirect proceeds to an UTMA/UGMA account, whereby the gifts from her IRA account are irrevocable, and the kids get full access at 21, per Wisconsin laws.

So far, they don't understand, but we're moving up the food chain..............

Too bad her accounts weren't with Vanguard or Fidelity, I'd have things settled already...........

 

[brewer12345]

I rather doubt Fido, V, Schwab, etc. would have budged either. In most cases, it seems you have to push about three levels up the food chain to get a real response.

 

[ats5g]

Financedude,

From reading M* conversations, I believe that Larry Swedroe's kids own some money in inherited IRA's from Larry's mom. You could email him and ask him how it went.

- Alec

 

[FinanceDude]

I rather doubt Fido, V, Schwab, etc. would have budged either.  In most cases, it seems you have to push about three levels up the food chain to get a real response.

Perhaps...........but I think they are just being stupid...........the first thing the lady on the phone said was: "I need to talk to the beneficiary's guardian"............and when I said I she was, her response? "Where are your letters of appointment?" To which I responded:

"I'm pretty sure as their natural father, I would be considered a legal guardian to my own minor children, but if the laws have changed I wonder why my attorney didn't mention it"...............

Her: 30 seconds of silence................ :

 

[brewer12345]

Perhaps...........but I think they are just being stupid...........the first thing the lady on the phone said was: "I need to talk to the beneficiary's guardian"............and when I said I she was, her response? "Where are your letters of appointment?"  To which I responded:

"I'm pretty sure as their natural father, I would be considered a legal guardian to my own minor children, but if the laws have changed I wonder why my attorney didn't mention it"...............

Her:  30 seconds of silence................ :

I can just about guarantee that 90% of the forum participants has had a conversation with a call center rep at least as stoopid as that. I've probably had a dozen. I feel your pain, man.

 

[FinanceDude]

I can just about guarantee that 90% of the forum participants has had a conversation with a call center rep at least as stoopid as that.  I've probably had a dozen.  I feel your pain, man.

I'm sure the saga will continue..............I just heard from my attorney, and TIAA-CREF said they "have never done it the way we are suggesting" before..................

Will keep you guys updated................