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(IRA) with National Financial Services Co. (National) in the
amount of $54,000. At the time, Mr. Keeley was 52 years of age.
In December 1997, Mr. Keeley started work as a sales
representative at Advanced Telecommunications, Inc. (ATI) and
remains currently employed there. Mr. Keeley earned $3,115 with
ATI in 1997 and $44,352 in 1998.
In 1998, Mr. Keeley withdrew the remaining IRA balance at
National in the amount of $5,280. Mrs. Keeley also withdrew the
balance of her Illinois Municipal Retirement Fund5 (pension) in
the amount of $2,998. At the time, Mrs. Keeley was 52 years of
age and not disabled. Petitioners used the entire balance in the
National and pension accounts “to survive and pay our bills”,
e.g., their mortgage and daughter’s college loans.
With respect to Mr. Keeley’s medical history, he has been
diagnosed with anxiety, depression, and panic disorder for which
he has been receiving treatment from his internist, Scott
McNaughton, M.D. (Dr. McNaughton). According to Dr. McNaughton,
Mr. Keeley “has been treated with medication in 1994 and required
several physician visits for follow up and medicine adjustment
during 1997 and 1998”.
In addition, Mr. Keeley had been seeing David E. Dillon,
5 Neither party has raised any issue regarding the status
of Mrs. Keeley’s retirement fund as a “qualified retirement
plan”, see sec. 4974(c)(1), and the record provides no basis for
us to conclude that it was not.
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Last modified: May 25, 2011