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Answers in Legal

Financial laws are often complex and difficult to understand. Here you can find questions regarding how to interpret and navigate the legal realm when making important financial decisions.
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Tripp Welch Level 2
The 401(k) plan document governs the operation of the plan. It sounds as though the document prohibits in-service withdraws therefore you would have to separate from service to be able to access your savings. Plan documents have re-hire provisions in ...(more)
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I am very sorry for your loss. Please feel free to reach out. Jessica
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Without a beneficiary you will have to battle out who gets the asset in court through a process called Probate. The court will then give paperwork to the awarded party of her assets that you will then be able to present to the financial institution. Find ...(more)
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Diana, First I am sorry to hear that your husband is not well and I hope that you both can find the treatment he needs. If you are over 59 and 1/2 you have access to your 401(k) penalty free but you will have to pay income tax on the amount distributed. If ...(more)
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Adam W Walls Level 6
Hi Diana. You are eligible to take a loan out on your 401k. Most advisors would probably advise against it, because when you are reducing the balance of your investment, less moey remains in the account to compound any rate that you earn. Also, if ...(more)
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Chris Schiffer Level 14
Tatiana, A 401k is not typically subject to a will. 401(k) participants are given a form to complete in order to name their beneficiaries. A will does not typically override the beneficiary designation form. The 401k assets can become part of the probate ...(more)
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to form an LLC whether you elect to be taxed as C-corp or S-corp EIN number is a requirement for federal and state tax reporting purposes. Limited liability company should be stand alone entity for the purpose of liability protection. You should be able ...(more)
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Hi Alex, That's very common in equitable property states. Assuming such inheritance was passed by operation of law or bequest to heirs. Such inheritance can be held with plan trustee into a conservatorship account with restrictions imposed due to state ...(more)
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That depends on provisions added to the 401k plan. If it has any contribution by employer in profit sharing plan then depending on your tenure with employer such contribution can be subject to vesting period. If it is just a 401k with no profit sharing ...(more)
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Unfortunately, the answer is yes. The lease company will come to you looking for the funds to cover the cost of the damage if your ex-wife does not pay. Sorry, I wish I had better news.
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The other side would be smart not to make a big deal about this... if you get lawyers involved it will just cost you more out of pocket. This should have been discussed int he final terms of your divorce and a QDRO most likely will be needed by the institution ...(more)
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John Essigman Level 17
Hi Colleen, If your divorce has been finalized then you may be able to send the 401(k) trustee a copy of the QDRO and request information. Otherwise, it is highly unlikely that the trustee or administrator will share any information with you as it is ...(more)
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John Essigman Level 17
Hi Alex, Consider consulting with a fee-only advisor as many of us are skilled and getting funds transferred out of employee benefit plans. You may also want to consider filing a complaint with the Department of Labor and FINRA. U.S. Department of Labor, ...(more)
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John Essigman Level 17
Jonathan... Very sorry to hear about your divorce and QDRO difficulties. Once funds leave your account or plan it can be very difficult to get them back. Suggest you hire a pension lawyer to help you resolve this issue. I would also suggest that you ...(more)
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Danna Jacobs Level 1
While this may be a long shot, you may also want to check for any unclaimed funds held at your state.
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