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Protecting an older woman's nest egg
Mark:
I think there is a strong argument that this does not apply, because of the language on account of illness, disability, death, age or length of service. These words tie the right to retirement and disability accounts and products. My understanding is that this is a deferred annuity which slime ball sales people regularly sell to vulnerable elderly individuals and which are completely inappropriate. (They are sold because the sales commissions are quite high, not because anybody needs them.) I doned.
Steve:
How much does the woman owe? I think putting her in BK is a real crapshoot and is more than highly risky. It may be the safer and better solution.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
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Take a look at CCP 703.140(b)(10)(e)
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Wed 13/05/09 11:38 AM , Stephen Mark legalsos4u@yahoo.com sent:
I have a 77 year old client who had money from a nonqualified 401k
put into a deferred annuity (personally, not through employer or self
employment), and after five years in said account, she can now
withdraw minimum amounts annually from that annuity. She has
accumulated a lot of debt and can't afford to make payments as she
survives only on social security with her husband coupled with the
minimum withdraws she can get from the annuity. Obviously, I am
concerned that the trustee may take her $150,000 in that annuity (all
she has), less wildcard exemptions. Is there a type of fund the money
should be transferred to which will protect it for now, and then file
bankruptcy after 6 or 12 months?
Thanks, Stephen M. Stern, Esq. Law Office of Stephen M. Stern, Esq.
1026 Palm Street, Suite 201 San Luis Obispo, Ca 93401 (805) 543-5297
Links:
[1]
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I have a 77 year old client who had money from a nonqualified 401k put into a deferred annuity (personally, not through employer or self employment), and after five years in said account, she can now withdraw minimum amounts annually from that annuity. She has accumulated a lot of debt and can't afford to make payments as she survives only on social security with her husband coupled with the minimum withdraws she can get from the annuity. Obviously, I am concerned that the trustee may take her $150,000 in that annuity (all she has), less wildcard exemptions. Is there a type of fund the money should be transferred to which will protect it for now, and then file bankruptcy after 6 or 12 months?
Thanks,Stephen M. Stern, Esq.Law Office of Stephen M. Stern, Esq.1026 Palm Street, Suite 201San Luis Obispo, Ca 93401(805) 543-5297
I have a 77 year old client who had money from a nonqualified 401k put into a deferred annuity (personally, not through employer or self employment), and after five years in said account, she can now withdraw minimum amounts annually from that annuity. She has accumulated a lot of debt and can't afford to make payments as she survives only on social security with her husband coupled with the minimum withdraws she can get from the annuity. Obviously, I am concerned that the trustee may take her $150,000 in that annuity (all she has), less wildcard exemptions. Is there a type of fund the money should be transferred to which will protect it for now, and then file bankruptcy after 6 or 12 months?Thanks,Stephen M. Stern, Esq.Law Office of Stephen M. Stern, Esq.1026 Palm Street, Suite 201San Luis Obispo,
Ca 93401(805) 543-5297
The post was migrated from Yahoo.