The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/others-have-already-recommended-that-your-son-also-19179037.aspx

Subject:  Re: IRA and divorce ? Date:  6/12/2003  3:31 PM
Author:  vkg Number:  65803 of 121591

Others have already recommended that your son also retain a lawyer. Especially, if the lawyer is recommending that the IRA be distributed and placing assets in a minor's name. Your son needs his own council.

Divorce proceedings allow for an IRA to be split/transferred between a husband and wife without 'distributing' the funds which would incur taxes and penalties. It requires a court order for the IRA administrator to process the change and it is not immediate. I am not aware of the rules concerning a child.

Debra
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us