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rules on 401(k) from former employment
The retirment account is exempt, even if it remains with the former
employer. I can tell you for sure that cash out is NOT, NOT, NOT a good
option. You should leave it where it is unless the former employer
insists. If the former employer insists, then you can roll it over into
a "roll-over IRA" which is also exempt.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Tuesday, April 06, 2004 9:51 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] rules on 401(k) from former employment
Can anyone tell me if a 401(k) from former employment MUST
be "rolled over" into another form of retirement,(or cashed out)?
My client was laid off about 9 months ago and has a 401(k) from his
former employer amounting to $50,000+. Obviously we would like to
know if it is exempt. This is a Chapter 7 case in SFV.
Thank you!!!
Ty Takeuchi
Yahoo! Groups Links
The post was migrated from Yahoo.
My clients roll them over. He does not (!) do this himself. He opens an
account with another firm and that firm takes care of it. Otherwise, if he
gets the money he'll pay taxes on it. CF
To:
Sent: Tuesday, April 06, 2004 9:51 AM
Subject: [cdcbaa] rules on 401(k) from former employment
> Can anyone tell me if a 401(k) from former employment MUST
> be "rolled over" into another form of retirement,(or cashed out)?
>
> My client was laid off about 9 months ago and has a 401(k) from his
> former employer amounting to $50,000+. Obviously we would like to
> know if it is exempt. This is a Chapter 7 case in SFV.
>
> Thank you!!!
>
> Ty Takeuchi
>
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
The post was migrated from Yahoo.
Can anyone tell me if a 401(k) from former employment MUST
be "rolled over" into another form of retirement,(or cashed out)?
My client was laid off about 9 months ago and has a 401(k) from his
former employer amounting to $50,000+. Obviously we would like to
know if it is exempt. This is a Chapter 7 case in SFV.
Thank you!!!
Ty Takeuchi
The post was migrated from Yahoo.