Occasions in life where you have to disclose all your assets?
December 29, 2021 2:48 AM Subscribe
Buying a home.. Applying for a loan.. Applying for financial aid.. making an estate plan.. running for office (?) but.. I'm sure there are more than this. Googling wasn't so helpful in this brainstorm. Thoughts? small additional question to do with academic admissions below the fold..
Somewhat separately, mefites working in admissions, how private are documents about students' and families' assets kept, generally? Makes sense that if admissions is not need blind, which seems like a much more socially just scenario, staff would know student was full pay, but my guess would be only a couple people would actually be reviewing the tax returns, etc, no?
thanks in advance!
Somewhat separately, mefites working in admissions, how private are documents about students' and families' assets kept, generally? Makes sense that if admissions is not need blind, which seems like a much more socially just scenario, staff would know student was full pay, but my guess would be only a couple people would actually be reviewing the tax returns, etc, no?
thanks in advance!
Related to applying for financial aid, but applying for certain student loan forgiveness programs. And at least in Florida you don't have to disclose all your assets to run for office, you just have to describe sources of income, debts, and other business interests with some specificity (but for the most part without actual $ amounts).
posted by saladin at 3:31 AM on December 29, 2021
posted by saladin at 3:31 AM on December 29, 2021
Applying for means tested benefits.
Applying for financial assistance re medical stuff.
posted by oceano at 3:43 AM on December 29, 2021 [2 favorites]
Applying for financial assistance re medical stuff.
posted by oceano at 3:43 AM on December 29, 2021 [2 favorites]
If you want to work in
Law Enforcement: city/county/state police or sheriff, FBI, Customs and Border Control, US Marshalls. ATF, DEA
or
Diplomacy and intelligence: Foreign Service, CIA, NSA
In all of these jobs, you'll be offered bribes. If you're poor or in debt, you're more likely to accept
posted by BadgerDoctor at 3:47 AM on December 29, 2021 [5 favorites]
Law Enforcement: city/county/state police or sheriff, FBI, Customs and Border Control, US Marshalls. ATF, DEA
or
Diplomacy and intelligence: Foreign Service, CIA, NSA
In all of these jobs, you'll be offered bribes. If you're poor or in debt, you're more likely to accept
posted by BadgerDoctor at 3:47 AM on December 29, 2021 [5 favorites]
Security clearance.
And, yes, Foreign Service.
I'm a former diplomatic spouse. My ex has a security clearance, which is updated regularly, and a big part of that is financials. I held a clearance when I worked for an embassy as well.
There are three aspects to it:
1. Do you exercise good judgment, 2. Are your finances such a shambles that you would be susceptible to blackmail/bribery, 3. Is your lifestyle out of step with your assets, as in, are you already being bribed?
posted by champers at 3:54 AM on December 29, 2021 [2 favorites]
And, yes, Foreign Service.
I'm a former diplomatic spouse. My ex has a security clearance, which is updated regularly, and a big part of that is financials. I held a clearance when I worked for an embassy as well.
There are three aspects to it:
1. Do you exercise good judgment, 2. Are your finances such a shambles that you would be susceptible to blackmail/bribery, 3. Is your lifestyle out of step with your assets, as in, are you already being bribed?
posted by champers at 3:54 AM on December 29, 2021 [2 favorites]
Divorce.
posted by srboisvert at 4:01 AM on December 29, 2021 [10 favorites]
posted by srboisvert at 4:01 AM on December 29, 2021 [10 favorites]
Buying umbrella insurance.
Paying taxes in countries with a wealth tax.
posted by niicholas at 4:15 AM on December 29, 2021
Paying taxes in countries with a wealth tax.
posted by niicholas at 4:15 AM on December 29, 2021
FERPA includes financial aid, so I doubt universities are sharing this info beyond who really needs to know. I also think realistically staff who don't have a need to know don't have the bandwidth to worry about it unless the student self identifies in some way (e.g. a student asks a professor for a letter of recommendation for a need-based scholarship).
posted by oceano at 4:29 AM on December 29, 2021 [1 favorite]
posted by oceano at 4:29 AM on December 29, 2021 [1 favorite]
Some (not most) civil service jobs require you to disclose income sources and certain types of assets like business interests.
posted by sepviva at 5:06 AM on December 29, 2021 [1 favorite]
posted by sepviva at 5:06 AM on December 29, 2021 [1 favorite]
Security clearance.
I have maintained a top secret security clearance for well over a decade and have never needed to disclose asset information.
What they DO care about is your debts, which is a different thing. Even then, though, I've never been asked to list out every outstanding loan I have. This kind of information is usually collected in a more roundabout way (generally asking your friends and neighbors if they know about your spending habits).
posted by backseatpilot at 5:30 AM on December 29, 2021 [3 favorites]
I have maintained a top secret security clearance for well over a decade and have never needed to disclose asset information.
What they DO care about is your debts, which is a different thing. Even then, though, I've never been asked to list out every outstanding loan I have. This kind of information is usually collected in a more roundabout way (generally asking your friends and neighbors if they know about your spending habits).
posted by backseatpilot at 5:30 AM on December 29, 2021 [3 favorites]
Applying for means tested benefits.
Oh you'd think so, but my state's Medicaid for example explicitly ignores assets entirely and only cares about income, of which a bunch of things that would seem income-y to most people are actually excluded and there's nowhere to even list them. (I support this in theory, up to a point, unless we're doing single-payer... but I digress.) I suspect some of the other things mentioned are like that too (I only listed income and liquid cash assets when applying for medical debt forgiveness with a hospital, for example), if the OP specifically wants cases where all assets must be declared.
posted by teremala at 5:36 AM on December 29, 2021 [1 favorite]
Oh you'd think so, but my state's Medicaid for example explicitly ignores assets entirely and only cares about income, of which a bunch of things that would seem income-y to most people are actually excluded and there's nowhere to even list them. (I support this in theory, up to a point, unless we're doing single-payer... but I digress.) I suspect some of the other things mentioned are like that too (I only listed income and liquid cash assets when applying for medical debt forgiveness with a hospital, for example), if the OP specifically wants cases where all assets must be declared.
posted by teremala at 5:36 AM on December 29, 2021 [1 favorite]
If you're smart about it, marriage.
posted by theora55 at 5:48 AM on December 29, 2021 [1 favorite]
posted by theora55 at 5:48 AM on December 29, 2021 [1 favorite]
i.e., a prenuptial agreement.
posted by 1970s Antihero at 5:51 AM on December 29, 2021 [3 favorites]
posted by 1970s Antihero at 5:51 AM on December 29, 2021 [3 favorites]
A number of jobs in state government.
Certain programs for rental and/or down payment assistance (e.g., the NYC affordable housing lottery).
posted by praemunire at 7:26 AM on December 29, 2021 [1 favorite]
Certain programs for rental and/or down payment assistance (e.g., the NYC affordable housing lottery).
posted by praemunire at 7:26 AM on December 29, 2021 [1 favorite]
I have umbrella insurance but was not asked about assets.
posted by Dashy at 7:53 AM on December 29, 2021 [1 favorite]
posted by Dashy at 7:53 AM on December 29, 2021 [1 favorite]
At least some kinds of bankruptcy.
posted by chesty_a_arthur at 7:53 AM on December 29, 2021
posted by chesty_a_arthur at 7:53 AM on December 29, 2021
With regards to security clearance, it's possible I'm remembering the process incorrectly or it's changed in the last 15 years. It can also vary from agency to agency (mine and my ex's were issued via the State Department process, which can vary from Defense, which is the most common).
I recall disclosures of assets and debts, and being interviewed about both.
US diplomats undergo a high level of scrutiny, owing to both the national security and international public-facing nature of the job.
posted by champers at 8:05 AM on December 29, 2021 [1 favorite]
I recall disclosures of assets and debts, and being interviewed about both.
US diplomats undergo a high level of scrutiny, owing to both the national security and international public-facing nature of the job.
posted by champers at 8:05 AM on December 29, 2021 [1 favorite]
The surveillance state has been making inroads into higher education as well. I would not assume that financial information is not being routinely shared with an institution's "service providers" (which is allowable under FERPA). See, for example, this data dictionary (now obsolete, but it goes to show) for the Unizin Data Project (which is still extant) data warehouse.
posted by humbug at 8:38 AM on December 29, 2021 [2 favorites]
posted by humbug at 8:38 AM on December 29, 2021 [2 favorites]
The SSI (not the SSDI) version of disability payments limits assets to $2k for individuals, so presumably requires a complete accounting
posted by Dashy at 9:12 AM on December 29, 2021
posted by Dashy at 9:12 AM on December 29, 2021
I have umbrella insurance but was not asked about assets.
Well, I have umbrella insurance and I was asked. How else would you define a coverage limit without knowing how much you needed to protect?
posted by niicholas at 9:33 AM on December 29, 2021 [1 favorite]
Well, I have umbrella insurance and I was asked. How else would you define a coverage limit without knowing how much you needed to protect?
posted by niicholas at 9:33 AM on December 29, 2021 [1 favorite]
Umbrella protection limits != assets.
And I was not asked to disclose / prove assets for whatever protection I wanted to buy -- I was just asked what coverage I wanted. Umbrella coverage is not backed by my assets, after all. For me it was much less invasive than, say, a mortgage where I needed to prove assets to cover enough, but not necessarily all, of the amount at stake.
posted by Dashy at 9:39 AM on December 29, 2021
And I was not asked to disclose / prove assets for whatever protection I wanted to buy -- I was just asked what coverage I wanted. Umbrella coverage is not backed by my assets, after all. For me it was much less invasive than, say, a mortgage where I needed to prove assets to cover enough, but not necessarily all, of the amount at stake.
posted by Dashy at 9:39 AM on December 29, 2021
Certain types of citizenship-by-investment require very extensive disclosures (not just your assets, but where your assets came from) in order to prove you're not a drug kingpin or the like. You can of course lie but if they find out you're in fairly significant trouble.
Some countries take this more seriously than others, of course.
posted by aramaic at 12:19 PM on December 29, 2021 [1 favorite]
Some countries take this more seriously than others, of course.
posted by aramaic at 12:19 PM on December 29, 2021 [1 favorite]
Adopting a child
posted by alicat at 12:53 PM on December 29, 2021 [2 favorites]
posted by alicat at 12:53 PM on December 29, 2021 [2 favorites]
I'm not sure about straight medicaid insurance - teremala upthread says that only income is taken into account - but if applying for Medicaid nursing home care there is extensive asset investigation, and only a portion of your assets are excluded. I've known patients who had to "spend down" even modest savings (like $10,000) and only a certain dollar value of their cars could be excluded. No splurging on a Maserati to spend down your accounts. There is a strong bias against people hiding assets to qualify for care, and if you transfer assets within the family to reduce your assets it has to have been at least 2 years before applying.
posted by citygirl at 1:06 PM on December 29, 2021
posted by citygirl at 1:06 PM on December 29, 2021
Posthumously. We had to make a fairly detailed inventory of my dad's assets for probate court.
posted by Temeraria at 2:45 PM on December 29, 2021 [3 favorites]
posted by Temeraria at 2:45 PM on December 29, 2021 [3 favorites]
This thread is closed to new comments.
I don't think you are required to disclose all of your assets for these events. You may be incentivised to do so, for the loan.
posted by pompomtom at 3:19 AM on December 29, 2021 [7 favorites]