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X-eGroups-Edited-By: easky1
I assume the CD itself in not held as an IRA. If not rolled over
within 60 days from withdrawal from the 401-k into an IRA the client
can't later transfer those funds into an IRA and avoid the early
withdrawal penalties and income tax. The client could of course mak
the contribution for 2009, but that raises fraudulent conveyance
issues. If done within 60 days of withdrawal from the 401-k, I think
you have a good argument that it is not a fraudulent transfer as it
was a rollover into an IRA done in compliance with Federal Law.
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 Tue 12/05/09 12:36 PM , "David A. Tilem" DavidTilem@TilemLaw.com
sent:
could be a fraudulent transfer David A. Tilem Certified
Bankruptcy Specialist* Law Offices of David A. Tilem (a debt
relief agency) 206 N. Jackson Street, #201, Glendale, CA 91206 Tel:
818-507-6000 Fax: 818-507-6800 * Bankruptcy specialist cert. by
State Bar of CA Bd of Legal Specialization. Business bankruptcy
specialist cert. by Amer. Bd. of Certification -----Original
Message-----
FROM: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] ON
BEHALF OF Hale Andrew Antico
SENT: Tuesday, May 12, 2009 6:51 AM
TO: cdcbaa@yahoogroups.com
SUBJECT: [cdcbaa] FW: Retirement changing its form
Bump.
FROM: Hale Andrew Antico [mailto:bk.lawyer@gmail.com]
SENT: Tuesday, May 05, 2009 3:40 PM
TO: 'cdcbaa@yahoogroups.com'
SUBJECT: Retirement changing its form
1. IRA --> Annuity --> 401k Last week, I asked about
annuities, and whether transferring funds into an ERISA-type account
would protect it. If I understand the answer, they would not be
property of the estate, and thus outside the reach of the Chapter 7
trustee. (right?) 2. 401k --> CD --> IRA This week, I learned
that a separate client, after the consultation, got spooked by the
market and moved their 401k money into a CD. I'm out of wild card,
and thus it's probably at risk. Question: If the former 401k funds now
in a CD are put into an IRA, does that make funds exemptable under
Patterson v. Schumate, 11 USC 522(b)(3) et.al.? I'm guessing that as
long as this happens in six months, it's ok.
Links:
[1]
The post was migrated from Yahoo.
FW: Retirement changing its form
charset="windows-1251"
could be a fraudulent transfer
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Hale Andrew Antico
Sent: Tuesday, May 12, 2009 6:51 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] FW: Retirement changing its form
Bump.
_____
The post was migrated from Yahoo.