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reply to Ginnie's question:


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Here is the question Ginny put under the unbelievable thread in this forum:

Okay, here is my story.

First, today is the two month anniversary of Earl's death and yes, I am sad, sad, sad.

But, I think I have spent the entire two months filling out paperwork to either get things in my name only or change them to my name. It has been an education - like Medallion Guarantee or whatever.

I have BIG problem right now and I was going to PM Curtis but thought I would ask openly because the answer may help many of us.

Earl and I both have an IRA annuity with Transamerica. I called them to change Earl's to my name and roll it over into my annuity. They told me (more than one person told me) they have lost our file and have no documentation that names me as the beneficiary. Therefore, they can not change it to my name, they must pay it out to Earl's estate, of which I am the sole beneficiary.

Q. Do I have to pay the taxes like this is an IRA cash in or can I roll it over from his estate into one of my IRA's???

I do know that at least in the state of PA there is no inheritance tax for a spouse, so that is some good news.

Thank you in advance Curtis if you can help with this

I sent this to my AG Edwards lady - who is a saint and currently battling breast cancer as well as preparing for tax season and replied to me on this within three hours - and here is her reply:

See if your friend still has a copy of her husband's application with regard to the Transamerica annuity. The application has a spot for beneficiary.

If the insurance company pays it out to Earl's estate, taxes will be owed on the earnings or "tax-deferred" portion of the annuity.

I would call the Pennsylvania State Board of Insurance toll-free number and and talk with the commissioner. Tell the commissioner what is going on. The State will then investigate the matter. This sounds fishy to me as Texas law does not allow an IRA to be opened unless a beneficiary is designated!

Hope this helps.


If anyone in Texas needs financial planning or investment help, Diana and Shannon have been so helpful to us the last couple of years, and me especially the last six months. I would recommend them to anyone. Their office is in Nacogdoches, and I wouldn't dream of leaving them for a firm here in SA. The phone number is 936-560-3930 or 800-456-3930.

I hope that answers your question, Ginny.


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Thank you so very much Curtis.

Since I posted this a.m. I finally got to speak to an Asst. Manager for Transamerica and compared to the other people who really just blew me off this guy has been very helpful.

Explanation so far. At least 2 people told me Trans. lost our folder when they moved from Kansas City to Cedar Rapids. This guy says no - the folder never moved to KC in 1990 when they moved annuity processing from LA to KC. All documents are still in LA, but stored by another company. He admited that Trans. is accountable and responsible for finding that file. This guy is a breath of fresh air.

I will keep you posted.

Thanks again Curtis.

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Even though this post does not concern me personally, I just want to say that you are truly a god-send to the people on this board and I want to nominate that you have a paid position! :) AND, I think that you have one of the biggest hearts of any guy ever. AND if I were a young purdy thing, I would come down there and scoop you off your saddle. But, alak and alas, this is not quite the case...

I do wish you well and that you will find another love in your life.

I do want to share experience as that is pretty much all I have. My SIL was widowed twice. Once in her first marriage with the love of her life who was killed in his twenties in a car accident. And with the second love of her life, my brother who died from lung cancer when he was 37 years old. She said to me, at my brother's funeral, that she felt that even though these terrible things had happened to her, that she was grateful. Grateful to be loved not by one good man but by two good men. She added, "How many people can say that?"

Curtis, I wish for you to be loved by two good women...

God bless.

Cindi o'h

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