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Oh, Sheenie, wish we were sitting together w/ a cup of coffee. Not only has she talked to the manager, I have helped her write three letters demanding some documentation over the course of about 2 years. There has been so much mismanagement w/ this account, but don't want to get into it on a forum . . . and fiduciary irresponsibility. Let's just say . . . fund started out w/ $100,000 about 20 years ago . . . and momma used the account as a cookie jar, including giving money to a relative to start a business that went bust . . . and broker let her do it . . . You know how much a properly managed account that started out w/ a $100,000 gift from ggrandfather would be today . . . Just a big mess . . . can't say much more . . . malfeasance, plain and simple. But trying to get help to prove it . . . impossible w/o an attorney.
Hi, Onrway! Yes, have perused that website for many hours. We just don't have any documentation. The broker (and the manager) refuses to even give us the instrument (or whatever it is called) that set up the trust. We can't get squat. They said they didn't have records, at first. Sad it was b/c the account had only been held at this brokerage for xx years. I knew that was BS b/c of SEC regs. Wrote a letter. Made phone calls. They would not give us any back statements at all, at first. Finally said they had to pay someone to go to "the vault." Then only gave us year end statements back a few years. I started researching the broker and found out he had been w/ another firm prior to coming to this one. On a hunch, wrote letter to that brokerage and asked for records they might have on this account. Took two months of follow-up calls but finally found out . . . yes, indeed, he had been there, but they said he took the records with him. They had some year end statements. This story goes on and on. Figured out that brokerage had merged w/ another firm and so I thought - Hmmm. . . maybe broker had been w/ the earlier brokerage b/f it merged . . . wrote manager at present brokerage and said broker had been totally uncooperative and that we had traced the broker's steps and it was apparent he had been broker of record for that account from Day One. Son's g/f got a call from manager being hateful as HELL saying they did not appreciate the accusations and they had turned over to her any records they had, blah blah. But of course, nothing in writing. However, I had instructed son's g/f to record any conversations w/ broker or manager, wh/ she did.
Like I say, this story goes on and on . . .
So filing a complaint - we really have nothing to go on. I mean - we can accuse him of malfeasance but on what grounds . . . I don't have a paper trail.
Has the girl taken money out yet? Then at least she'll get some sort of 1099 R ( I think that's the document), which will show the the amount of the gains that she may have to pay taxes on.
But if her mom took money out and squandered it, then the girl may have lost money in it. She may actually not have any gains.
Has the girl taken money out yet? Then at least she'll get some sort of 1099 R ( I think that's the document), which will show the the amount of the gains that she may have to pay taxes on.
But if her mom took money out and squandered it, then the girl may have lost money in it. She may actually not have any gains.
She can transfer the money here. But I'm not sure there's a point of transferring the money back into another UGMA account since she's 21 now.
Maybe try posting this in the Investing Forum, maybe u'll get better advice. She can also call Vanguard and see what they say.
Thanks, Sheenie. Appreciate the link. Yes, she got a 1099 last year and year b/f . . . another big mess. Worked on that for six weeks this year (2007 tax year). Turns out 2006 tax year, mother got accountant to re-file daughter's taxes w/o daughter's knowledge, so mom could claim her on her tax return . . . so daughter has contacted IRS to make a complaint about that. People get really crazy over money, don't they?????
The attorney who drew up the grandfather's will or trust should have the document and can give you a "true copy" (soemthing that has a red stamp on it). I use Ameriprise to handle all my money (not really so much). My parents had a number of different accounts with places like Vanguard, Merrill Lynch, Dreyfus, etc. As I was the executrix, I can tell you it was a NIGHTMARE to find everything and get it distributed to the heirs. My bank got so used to seeing me come in for a "medallion guraanteed" stamp that I didn't have to ask any more. Everything I own in in Ameriprise's hands. They handled all the transfers from the individual acc't, incl. M/L. I have a checking acc't linked to my brokerage acc't. They charge no more than 2% of your yearly salary, not total income, to set things up. Since I was semi-retired the hit wasn't too bad. When I die, my children will only have 1 place too look!
Last edited by SouthernBelleInUtah; 08-01-2008 at 04:57 PM..
Reason: typo
Good suggestion, SuthnBelle. This was great grandfather . . . and we have no clue who his attorney was. But ya never know . . . enuff digging around . . . there are several firms in the town where ggrandfather lived that I would guess might have handled it . . . won't hurt to make some calls and see if it uncovers something!!! Thanks for the idea - had never thought about that . . .
Ani, legal papers never die. THere will be a copy at the attorney if the courthouse burned, or at the courthouse if the attorney's place burned. There are legal documents from the Middle Ages still extant in Europe (yeah, I know we're not Europe, but lawyers are all the same).
Can someone please help me? My son's g/f has some money in an account w/ a brokerage here in Charlotte. It was a UGTM account wh/ she received when she turned 21.
I have tried to help her deal with this brokerage and I frankly think that since her account is under $50,000, they just aren't interested in her. They are very rude to her and won't explain things. There is a lot more to the story w/ the way her money has been handled but let's just say . . . she is discouraged and wants to move her money to someone else.
Her investments are in stocks and bonds. Since I have never moved money from one brokerage to another, I have no clue how to go about this and I have no idea what the fees would be to do this.
Can anyone please help me w/ suggestions on a good brokerage here in Charlotte?
And secondly, can anyone advise if it is possible to have all the money in the stocks and bonds put into different funds or put into a money market fund? She is using the money to pay her tuition, so she needs access to it.
I don't have the faintest idea where to start w/ this but I promised her I would seek advice and pass it along to her.
I am not a investment person, but have several in the family who are, and have steered me well, but they are not in Charlotte.Sorry/ Vanquard has a really good reputation and, you are able to withdraw at any time, Very professional on phone and helpful. Tax deferred annuities are good ,but more long term but worth looking into. I think Suzy Orman has a good sites on the Internet and gives good sound advice especially to the younger group. They say Key word is "Diversify" The IRS I ??? going that way. Had lot of interesting dealings with them. Hard to get good info from them. Good luck every little bit of info help to research.
I am not a investment person, but have several in the family who are, and have steered me well, but they are not in Charlotte.Sorry/ Vanquard has a really good reputation and, you are able to withdraw at any time, Very professional on phone and helpful. Tax deferred annuities are good ,but more long term but worth looking into. I think Suzy Orman has a good sites on the Internet and gives good sound advice especially to the younger group. They say Key word is "Diversify" The IRS I ??? going that way. Had lot of interesting dealings with them. Hard to get good info from them. Good luck every little bit of info help to research.
Thank you for the vote on Vanguard, Coralsand! And Suze Orman is great! I bought her book for young people for my son and his g/f. I have learned a lot from Suze over the years! You are right - research is everything and I don't know how to advise on this situation - so I must find someone who can help this young lady and steer her in the right direction. The stocks I have are longterm investments and I have never tried to sell one of them, LOL. They are sitting there making good money so no need to sell them. Well, I did sell some stock years ago but I had my basis info so no problem calculating my tax liability.
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Investments
