LIC & LIT Listed Investment Companies (LICs) 2019

Apology accepted (this time) .

 

A true gentlerman.


Yeah, riiiight. Snigger.

 

One example of those whose hand was required to be held.

AFP raids broker's offices as retiree loses $270k in superannuation

I feel sorry for those who lose some or all of their nest-egg. They'll never get it back.

No matter which way you cut it, when there is a glimmer of high $$$ in the eyes, even if the person hasn't a clue about what they are doing, seemingly away goes whatever brain function they may have.

And even if they do have some idea, when the funds are lost, the general theme is "Oh but I thought...; I was conned...; They were licensed by ASIC so ASIC should have.....; I was only trying to build up my retirement funds as the Guvmnt.....; It's not fair and the Guvmnt (that's you and me) should give me back my money because...."

Depressing in a way but it'll happen time and time again. It's inevitable I think.

 

Irks me at times how in the so many cases of lost money it’s alwalys somebody else’s fault. It’s about bloody time people started taking at least some responsibility for their financial outcomes.

 

Speaking of which, I lost a fair amount of money on Aerodata many years ago. As you're in the mood to be generous maybe you could see your way to.....

 

... take more of your money?

If @Nodrog isn’t up to it, I’ll PM you my bank account details .

If you lost a “fair amount” of your money once, you might be up for it again (being experienced, etc) ...

 

An astounding idea and an offer I must consider.

I've given it some thought and it is kind of you but a phrase comes to mind. Not sure what it is but I think it's two words. One starts with "G" and I'm pretty sure the other starts with an "F."

Gimme time. I'm sure I'll remember it eventually.

 

Sol dividend announcement today @SatayKing, no doubt smiling to the bank yet again?! Did you partake in an offer i think you mentioned recently in regards to sol?

 

Not sure why he would be smiling, are you suggesting he would be delusionaly happy, a 24c dividend announced but he has lost twice that in capital loss this morning. It is simply putting 24cents in one pocket by taking 48cents out of another.

 

Think @SatayKing might be playing what is commonly referred to as.. the long game..

 

Given @kierank ’s wonderfully kind offer I assume you are trying to say Generous Friendship?

 

Actually. That’s a really bad idea.

If you inform the bank that one individual of a joint acct has passed on, they are required- by law - to freeze all accounts in that name (joint or otherwise).

So your other half could week land in the position of having all the money in the world, and not be able to access it.

I’ve experienced this in the past. I was working in the bank, and having heard of the death of a client, contacted them and had to have a very uncomfortable conversation about finances, while they were still in shock and grieving.
As the bank had not been ‘officially’ advised of his passing we were able to have the client transfer all funds out of the acct, into a personal name.
In court this would have been viewed ultimately as theft. As at the time of death, that cash formed part of the estate and his family just stole it all.

Someone like @Terry_w would be able to give better direction!

Blacky

 

Yep agree, i got some at around 15 dollars a good while back!

 

I am not a lawyer but, from my experience, I don’t believe that is true.

All the surviving partner needs to do is show the original death certificate of the deceased partner to the bank. The bank will either remove the deceased partner from the account or start a new account solely in the surviving partner’s name (can’t remember which one).

I believe it is called the “principle of survivorship” and is entrenched in Australian law. I understand that overrides any terms in the deceased partner’s Will.

Happy to be corrected by a lawyer.

 

Potentially!

the individual was a operating a business in partnership, and much of the funds were LOC (so debt rather than cash).

Blacky

 

But @Nodrog was talking about joint holdings of cash, shares, etc.

Not running a business, debt, ...

 

If the account is joint it is usually held as joint tenants so the survivor would get whats in the account without it going through the estate or will.

This could be challenged though.

I recall a case where a young fella convinced his rich aunty to open a joint account so that he could help her with her bill payments etc. At the point of her death there was $500k of her money in the account and he took it all, under the survivorship rule, even though she left her estate to others in her will.
I can't recall the outcome though..

 

Poor bugger. I feel for anyone stuck in this ‘dividend trap’ of a stock

On the other hand, SOL has returned 17.3% per annum for 40 years, so I guess that helps to some extent

 

Thanks @pippen. (Grr, spoiler). Haven't bothered looking at the market since yesterday morning so this is news to me.

As to the Pengana IPO easy for me to give the offer the flick; the fees.

 

Interesting. Maybe I should find a few octogenarians and convince them to participate in a Tontine with me. "Trust me, darls. Just sign here."