Sepp and spouses
L1: Sepp and spousesI have a friend who is interested in setting up a SEPP only he doesn”t want his wife to know. She is benficiary. He is in a bad marriage and wants to take money out to get out of his house into an apt. Can he do this without his wife”s knowledge. I know this is a little weird, but humor me please…thanks,D2008-08-25 17:23, By: dihanna, IP: [184.108.40.206]
L2: Sepp and spousesThere is good news and bad news for him.
He can set up the SEPP account without his spouse”s knowledge. However, if this ends in divorce, and she is awarded a share of his SEPP IRA account in a “transfer incident to divorce”, his plan is in extreme danger of being busted. In divorce situations, it is always recommended that the settlement be negotiated using other assets if possible, or not to involve the SEPP account until after the plan modification date. Most divorce attorneys are clueless when it comes to proper handling of SEPP accounts. 2008-08-25 18:04, By: Alan S., IP: [220.127.116.11]
L2: Sepp and spousesThanks Alan…2008-08-25 20:14, By: dihanna, IP: [18.104.22.168]