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Legal advice on Retirement accounts and estate planning

Written by attorney David R Feakes | Mar 8, 2019

Written by attorney David R Feakes

I have beneficiaries on my life insurance and retirement accounts. Isn't that enough?

I have beneficiaries on my life insurance and retirement accounts. Isn't that enough?

Written by attorney David R Feakes | Mar 8, 2019

Written by attorney David R Feakes

I have beneficiaries on my life insurance and retirement accounts. Isn't that enough?

I have beneficiaries on my life insurance and retirement accounts. Isn't that enough?

Asked in Jacksonville, FL | Jan 6, 2019

What rights do I have if my step-dad passes away, my biological mother, my three sisters have passed. No other siblings.

I have a great relationship with my step-dad of over 60 years. He has four biological grandchildren with my deceased Mom. Do they have any rights that I do not have in the case of the death of my step-dad? He is 92, I am 72.

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Asked in West Palm Beach, FL | Jan 6, 2019

Are postnup agreements recognized in florida?

My husband convinced me of signing a postnup agreement in 2015 in order for us to avoid a divorce, I really didn’t understand it but, to save my marring I signed it and we had it notarized but no witness. I don’t have a copy of it and his is in a bank box.

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Asked in Raleigh, NC | Dec 31, 2018

My 401k distribution was cancelled?

I had to resign from my retail job for medical reasons [caused by that job], but I received a communication from the 401k company a couple months later. I was informed that as my balance was under the plan minimum of $5000 (today my account was still only $608), I would be receiving an automatic distribution minus federal and state taxes. The last day to change my mind about how I wanted to receive the pay out [check, ira, etc] was 12/28/18 at 4 pm. On the 29th I was sent an email that said, "We previously sent you a notice informing you that your vested account balance was less than the minimum balance requirement for your previous employer's retirement plan. Upon subsequent evaluation, it has been determined that your vested account balance is no longer subject to an automatic distribution and will not be distributed without your consent at this time." I don't understand, my account actually went down $30 since the first notice, what happened? Why am I not receiving my money? I'm only 30, this was my first 401k and it's just under a year old.

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Written by attorney Juanita Guillen | Nov 13, 2018

Written by attorney Juanita Guillen

How to Protect Your Retirement Account

What is a Standalone Retirement Trust & Why Might It Be Good For You? A Standalone Retirement Trust(SRT) is a special type of trust that is the beneficiary of your retirement accounts. The SRT is a popular planning tool because it: *Protects inherited retirement accounts from beneficiaries* creditors as well as predators and lawsuits; *Ensures retirement accounts go to whom you designate *and nobody else; *Allows for experienced management and oversight of assets by a professional trustee; *Protects beneficiaries from reckless spending; *Enables proper planning for a special needs beneficiary; *Permits you to name minor beneficiaries as immediate beneficiaries without court-supervised guardianship; and *Facilitates generation-skipping transfer tax planning. Divorce Creditor- A Common Example Many parents are concerned that their in-laws may someday become the outlaws; they may someday get divorced and inherited assets can be seized by a divorcing spouse.Here*s the story of Mary and Tom -which outcome would you prefer for your children?Option 1: Mary and Tom love their son-in-law, Mike, and think his marriage to their daughter Liz will last. They gave Liz her share of their retirement plans outright at their deaths. Five years later, Liz and Mike divorced and Mike was able to take 50% of Liz*s inherited retirement funds. Option 2: Mary and Tom love their son-in-law, Mike, but recognize that 50% of all couples end up in divorce. It*s an unfortunate reality, so when they did their estate planning, they provided for their children, but made sure the inheritances couldn*t be taken from them. Instead of outright distributions, they passed their retirement plans in trust. Five years later, Liz and Mike divorced and Mike was not able to take any of Liz*s inheritance. Want to know more about protecting your retirement accounts? Contact us today to schedule a conversation. While every situation is different, we can help you determine if an SRT is right for you.

Asked in New Albany, IN | Oct 23, 2018

Can I keep MY half of my husband's 401k retirement where it currently is or do I have to remove it/roll it over?

I'm trying to negotiate a settlement with my husband and know I'm entitled to half of the 401k retirement plan but I really don't want to take a 10% hit with the IRS. I want to know if I can leave my portion where it's at and still be entitled to that half when I retire? Also, if I'm not able to do that, will I still be subject to that 10% penalty on a home purchase or if I roll it over into an IRA? Thank you

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Asked in Madisonville, TX | Oct 19, 2018

My daddy died with no will.does his kids have claim to part of the estate

My daddy died. He had no will. He was remarried. His wife has evicted me and my brother.does my daddy kids have any righrs or claim to my daddys estate

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Asked in Dallas, TX | Jul 19, 2018

Does my Ex-Husband still have to get the QDRO? Is this in my best interest since it states I need a QDRO for his IRA?

My Ex has an IRA and in our divorce decree it states: " 50%, together with interest, dividends, gains or losses on that amount arising since that date and more particularly defined in a Qualified Domestic Relations Order to be signed by the court." I've been waiting 4 years since my divorce decree is signed and I still have no QDRO to transfer my 50% of his IRA. His lawyers finally came back saying to process the transfer without a QDRO because it isn't necessary. If we move forward with the transfer of his IRA to me (my portion), will I have any penalty (tax or fines/fees)? Will this just transfer in my name and then taxed in my name upon any distributions as ordinary income?

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Asked in Tampa, FL | Jul 8, 2018

My husband and I married in Texas but resided in Florida before moving to Honduras. Under which state's or country's divorce law

He converted his retirement plan into a self directed IRA with an American corporation to buy Honduran property. He also has an inheritance from his recently deceased dad's estate. Am I entitled to half because we were married in Texas which is community property? Or Florida, an equitable distribution state,where we resided just prior to moving to Honduras? Or Honduran law because we are current residents of Honduras?

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