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I am opening an Inherited IRA account. Do I have to provide my annual income, Net worth & Income tax bracket?

San Ramon, CA |

My Father passed away 5 weeks ago.My two siblings and I inherited his IRA. I am completing application to open inherited IRA account with the financial planner my father chose. The application is requesting my annual income, net worth and income tax bracket. Do I really need to provide this information??? I am opening the inherited IRA account, and then establishing an inherited IRA account with another company and transfering the money to the new account with the other company. An estate planning attorney that my father used for his Living trust noticed that the financial planner transfered my Father's money around repeatedly only to make money so I don't trust the financial planner my father chose so this is why I am opening the inherited IRA and then transfering the money

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Attorney answers 3


You can use any financial advisor you wish. Nearly all financial planning companies request this type of information so that they know more about you and your risk tolerance, experience w/investing etc. You may get away w/out answering those questions or you may not. It is really a question for the advisor, and not a legal question.

This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.


As my colleague aptly points out this is standard information requested by financial companies when trying to determine your risk tolerance and investment allocation. You might shop advisors and see if one will let you avoid reporting this information. However, a good investment company will need the requested information to best do its job.

This answer is based on general legal principles only and is not intended to provide specific legal advice. This answer is for informational purposes only and does not constitute the formation of a lawyer-client relationship. Any reader of this answer should not make decisions based upon in without first directly consulting with an attorney


These questions are common and you will need to provide them. However, have you tried simply going to the financial planner you want to use and only provide the information to that person/company? I know some companies want the account transferred in house first, but if you have not tried that, it might work and it might avoid your concerns.

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