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Is a Thrift Savings Plan exempt/protected?
I think she said it was a "401a" plan; not sure if that's the same
thing. But my question was what happens if the mandatory distribution
occurs near in time (or prior to) filing the bankruptcy petition. I
assume from your answer that it's not property of the estate unless it
is converted to a non-exempt source prior to filing.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
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Larry Simons wrote:
>
>
> TSP plans are not property of the estate. As a former federal
> employee, I seem to recall the plan was established under some section
> of Title 5 and contains a valid spendthrift clause (don't quote me on
> the title section).
>
>
>
> ------------------------------------------------------------------------
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On
> Behalf Of *Mark J. Markus
> *Sent:* Thursday, December 10, 2009 12:41 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Is a Thrift Savings Plan exempt/protected?
>
>
>
>
>
>
> Potential client has a government thrift savings plan which I'm told
> she MUST take (cash out) by the time she's 70. She is 66 now. If I
> file a Ch. 7 for her, is the TSP at risk of being taken? What if she
> turns 70 2 days after filing the petition? Just curious.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/ )
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
>
>
>
>
>
The post was migrated from Yahoo.
charset="US-ASCII"
TSP plans are not property of the estate. As a former federal employee, I
seem to recall the plan was established under some section of Title 5 and
contains a valid spendthrift clause (don't quote me on the title section).
_____
The post was migrated from Yahoo.
She can probably roll it into an IRA.
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
The post was migrated from Yahoo.
Potential client has a government thrift savings plan which I'm told she
MUST take (cash out) by the time she's 70. She is 66 now. If I file a
Ch. 7 for her, is the TSP at risk of being taken? What if she turns 70
2 days after filing the petition? Just curious.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
The post was migrated from Yahoo.