I’m a registered investment advisor.
We are required by regulatory to immediately report the death of a client.
The death of the client immediately transfers an estate to the beneficiaries, so any action/activity in an account after death is essentially illegal and there are then tax consequences to the surviving beneficiaries.
If RBG is dead, and they prolong an announcement, they are violating all sorts of laws as time goes on.
Failure to report the death of a client, when knowing otherwise would be reason for sanctions, fines, removal from the industry.
RBG and her husband had a net worth of “more than $6 million” when she was nominated in 1993.
Concealing a death and improper treatment of a corpse run afoul of all kinds of laws. Doubtful son James Ginsburg wants to get involved in such a hazardous undertaking.
How would an investment advisor know for sure whether a client was dead? If no death report is ever filed, there’s no way to know for sure.
It seems an investment advisor would be off the hook if no official death is ever declared.
Professional wrote:
“I’m a registered investment advisor.
We are required by regulatory to immediately report the death of a client.
The death of the client immediately transfers an estate to the beneficiaries, so any action/activity in an account after death is essentially illegal and there are then tax consequences to the surviving beneficiaries.
If RBG is dead, and they prolong an announcement, they are violating all sorts of laws as time goes on.
Failure to report the death of a client, when knowing otherwise would be reason for sanctions, fines, removal from the industry.”
What if the death isn’t reported right away, to anyone, in the first place?
What laws get broken ?
Answers to these would provide grist for the prosecutorial mill;add those breaches to the list of the DS’s crimes.
But are you required, by regulation, to report that client’s death elsewhere?
Excellent point!!!
This is very similar to some charges being pursued by the NY Federal prosecutors in the NXIVM case. It seems Keith Raniere's sex cult is charged with identity theft, among other things, for using a deceased member's credit cards and bank accounts after she passed. Not just for a purchase or two, but many times over months and they paid off the bills and kept using it.
(Posting blind to this comment only.)
Thank you. In addition, As a Government Employee her death would need to be reported to calculate her final payment (Prob any salary left for the year) and update Personel files.(SC-JOHN ROBERTS) Social Security would need to be alerted (She is over 70, I assume she receives it!) to discontinue monthly payments. Her estate is obligated to do these thing once they become aware of her death.