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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC. a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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Word of warning

January 7, 2013

Today I’d like to pass along a story I heard recently that unfortunately might hit a little bit too close to home for anyone who has had a contentious divorce or dealt with family drama at one point or another in their marriage. It’s also a reminder to pay attention to the details, because a little bit of incomplete paperwork can cost you dearly.
 

In this situation, a recently divorced man made the mistake of forgetting to change his address for his 401k statements. There must have been some hard feelings there, because his ex-wife took advantage of the oversight and was subsequently able to use that paperwork to change the access codes and withdraw his money. By the time he realized what had happened, it was too late. As a last-ditch effort, he tried to sue the 401k provider for allowing her to take these actions (which were clearly immoral, even if they weren’t illegal), but the likelihood is that he will probably lose the case because fundamentally it was his responsibility, not his provider’s, to keep his address up to date.
 

Now, the lesson that this gentleman learned the hard way is to keep your address current so that your financial statements so they can’t be tampered with. Regardless of your own personal circumstances, these are the kinds of things that can happen when we aren’t conscientious about personal information and keeping our financial accounts protected and updated. So don’t forget to change that address!

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PA OFFICE: (610) 358-8942
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