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When I saw that their IRA distribution of 500,000 had NO tax withholding, I started to wonder. So, I called. These folks thought that the cost paid on investments held in a retirement account gave them tax basis!! I explained pretax monies blah blah.
Immediately, I felt like a failure as an advisor. That somehow, I hadn't built the trust needed to have a conversation. But they admitted that they have been DIY in nearly every facet of their lives (they are now 75) - from growing food to building a home - and they are entirely responsible.
Like the prominent poster here says, "questions are hard". They didn't even know what they didn't know.
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It is sad to here that I am now a poster child. I have had very similar situations. One of my earliest lead to a client that totally blamed me and it was someone that I regular met out in the real world. Very awkward, but I did very quickly get over it. Thank you for sharing.
Answers are easy. Questions are hard!
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Well, it's a small poster, so there is that.
That I am friends with these folks makes it harder. But they have money; it's a "first world" problem.
