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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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No, the cannot delete your account. I would contact the Sharp HR about your account. Are you still working for the company? If not, you could roll the 401(k) into an IRA account and have more control over it. However, you may have benefits to leaving ...(more)
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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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You use the word pension but did you indeed have a pension, or a 401K account? If you had a 401K account you would get access instructions through your human resources department. Your HR department may point you to a third party administrator, that ...(more)
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You may need to see an employment attorney to determine under the US. Department of Labor's ERISA law what happened to the balance due you. Alternatively, you could possibly see an estate planning attorney, if there was one involved when your mother ...(more)
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Hi Robert, Sorry about your loss. Contact the record keeper of the 401k plan and show proof (death certificate), if she never filled out a beneficiary form then there would be an automatic beneficiary in the following order: 1-spouse, 2-Kids , 3-parents, ...(more)
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Unless you are the legal executor of her estate you can't force the administrator of your sister's estate to give you information about her 401k. Determine who the executor is. If she had no will the laws of the state determine who can act as her executor. ...(more)
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You are going to need an attorney to sort this out. Laws vary by state, by type of property and type of trust. There is no correct universal answer. Because this likely represents a good bit of money, it will likely be well worth your while to contact ...(more)
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Richard P Taylor Level 17
Emma, If I understand your question properly, the answer would be yes. He would be transferred the equity and the debt of the property. That being said, there could be clauses within the trust documentation that states differently. It may be would ...(more)
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Jennifer, I recently had a participant do this transaction. He filled out a Distribution Request Form from the plan administrator. He elected the "In service after 59 1/2" reason for distribution. The plan will withhold the mandatory 20% Federal Tax ...(more)
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Hello Jennifer, You will need to speak with your HR department or the person in charge of the plan with your employer or previous employer. They should have the information for you. Keep in mind there are rules that may apply to you if you are not rolling ...(more)
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Tionna, Do you know if your father had a will or not? Usually, if a will has been written, then there is an executor. If your father passed without a will then the state will usually appoint an administrator (which performs the exact same role as an executor ...(more)
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Suzanne, This is a hard question because it depends on your plan as well as the law in your state. Some QDRO plans give you the ability to touch the money that is legally yours one time without tax consequences; however, if you should need more money ...(more)
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Your divorce decree will specify the splitting of your husband's pension. Once the divorce is finalized, your attorney can prepare a QDRO (Qualified Domestic Relations Order). This QDRO gets submitted to the pension administrator for Local 90 Cement and ...(more)
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Hello, Typically when getting divorced the divorce decree will state how much and if any money is to be distributed to each party. Also most pension/401k participants must file a QDRO (Qualified Domestic Relations Order) to process the splitting or distribution ...(more)
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Suzanne, that may be the case. The only way to find out for sure is to call the pension provider (or the HR Department) and ask them specifically. Was there anything drawn up or discussed in the divorce paperwork specifically about his pension? Please ...(more)
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Hello Francis, Did you receive an acknowledgment notice that your determination letter was assigned to an Employee Plans Specialist? If so, you may be able to "check the status" of the application by calling 877-829-5500 and ask what form and content ...(more)
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