Author Topic: Another thread about getting social security numbers  (Read 878 times)

iris lily

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Another thread about getting social security numbers
« on: March 13, 2017, 02:44:34 PM »
So, we areseeti g up a bunch of contingent beneficiaries on our various retirement accounts, this on the advice of our attorney.

One of the beokerage accounts we have* is absolutely requiring that we provide Social Secuity numbers and tax ID's for our fozen conti gient beneficiaries.

This sucks SO MUCH because I have no intention of telling at least one person on our list of contingent beneficiaries that I need her SS number so that se can receive payout if I die.

So my options are
1) tell her, and then collect her SSnp as well as the numbers of all others

2) just make our Trust the c ti gient beneficiary

3) move tha money to a different brokerage accouny

I am not really asking question, but am reporting on this state of affairs.


Catbert

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Re: Another thread about getting social security numbers
« Reply #1 on: March 13, 2017, 04:12:46 PM »
Unsolicited advice:. Change brokerages.

Mother Fussbudget

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Re: Another thread about getting social security numbers
« Reply #2 on: March 13, 2017, 04:59:54 PM »
You might investigate setting up a Grantor Trust.  You use YOUR OWN social security number to setup such a trust.  Some set these up as a 'revocable living trusts' for probate avoidance.

Check with your bank/credit-union, attorney and/or tax person to get details on whether this would solve your needs. 

Rocket

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Re: Another thread about getting social security numbers
« Reply #3 on: March 13, 2017, 05:23:43 PM »
My fidelity 401k required beneficiary's soc.  It wasn't a required field in the sense that I couldn't save without it though.  I decided to ask the person for her soc just to make sure that they could find her if I croak.

Another Reader

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Re: Another thread about getting social security numbers
« Reply #4 on: March 13, 2017, 06:42:36 PM »
Can you leave her money or assets that are not in retirement accounts?

Having a trust be the beneficiary of a retirement account is a no-no.  Only people are allowed to receive their life table as the basis of RMD's.  Entities have to withdraw on the 5 year schedule IIRC.

Paul der Krake

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Re: Another thread about getting social security numbers
« Reply #5 on: March 13, 2017, 06:48:07 PM »
Pretty sure it's a broker thing.

Vanguard let me put my brother as a contingent beneficiary, using just his name. He lives overseas and doesn't have an SSN.
Fidelity wouldn't let me do it.