Help With Joint Venture Partnerships

[Lawrencewendall]

Received a statement from my IRA Custodian listing a number of Joint Venture Partnerships I invested in years ago. Where do I even begin researching if these still exist? I did go to each listed state's Corporation Division and grabbed screenshots of the company. Most said "Revoked", "Suspended/Forfeited" and one had a "Cease and Desist" from the state.

I looked in opencorporates.com and at sec.gov.

The original custodian changed hands several times. The current custodian want statements to show no value and submit a Fair Market Value" form for each joint venture.

The problem is that the custodian reported the total market value to the IRS (200k) and RMDs will be required on money that doesn't exist.

Any help would be greatly appreciated.

 

[Lawrencewendall]

bump

 

[single2019]

Who is the IRA custodian? Have you received prior annual statements with the balance? Assuming you contacted the custodian, what was their response?

 

[Lawrencewendall]

Who is the IRA custodian? Have you received prior annual statements with the balance? Assuming you contacted the custodian, what was their response?

The custodian is IRA Resources. No previous correspondence. Historic files ($12.50 monthly management fee) at IRA Resources only go back to 2020. Not sure who was the custodian before that.

I didn't want to muddy the water but in reality, this is my Brother's account. He is 75 and has had 2 strokes so he is not as sharp as he used to be. I went through the process and got POA to assist him. IRA Resources does not recognize a notarized PA POA and has their own POA (done) which is very limited. I can basically just see his account.

 

[Dash man]

The custodian is IRA Resources. No previous correspondence. Historic files ($12.50 monthly management fee) at IRA Resources only go back to 2020. Not sure who was the custodian before that.



I didn't want to muddy the water but in reality, this is my Brother's account. He is 75 and has had 2 strokes so he is not as sharp as he used to be. I went through the process and got POA to assist him. IRA Resources does not recognize a notarized PA POA and has their own POA (done) which is very limited. I can basically just see his account.

If they’re not accepting your POA, talk to your attorney. Sometimes a phone call from the attorney convinces them. Sometimes a court order is required.

 

[Lawrencewendall]

If they’re not accepting your POA, talk to your attorney. Sometimes a phone call from the attorney convinces them. Sometimes a court order is required.

Comes down to throwing good money after bad money. Attorneys cost money for investments that probably no longer exist?

 

[single2019]

The custodian is IRA Resources. No previous correspondence. Historic files ($12.50 monthly management fee) at IRA Resources only go back to 2020. Not sure who was the custodian before that.

I didn't want to muddy the water but in reality, this is my Brother's account. He is 75 and has had 2 strokes so he is not as sharp as he used to be. I went through the process and got POA to assist him. IRA Resources does not recognize a notarized PA POA and has their own POA (done) which is very limited. I can basically just see his account.

Just looked at the IRA Resources’ FMV form. You should fill out section 4 with zero value. Provide the documentation that you have. “cease and desist” order is a valid document

 

[Lawrencewendall]

Just looked at the IRA Resources’ FMV form. You should fill out section 4 with zero value. Provide the documentation that you have. “cease and desist” order is a valid document

Kind of thinking the same thing. Just wasn't sure if I was missing something. Now if my Brother can figure out his scanner/printer

 

[single2019]

Kind of thinking the same thing. Just wasn't sure if I was missing something. Now if my Brother can figure out his scanner/printer

Might be easier to use the phone for scanning

 

[Lawrencewendall]

Might be easier to use the phone for scanning

With a flip phone?