News & Analysis as of

Retirement Plan Spouses

Fox Rothschild LLP

Perils of the 401K to IRA Rollover; Spouses Beware

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Earlier today I happened upon a really important article accenting the dangers of what often starts as an entirely innocent transaction. A site called the Street.com publishes a variety of articles about retirement and...more

Fox Rothschild LLP

America’s Retirement Anxiety

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There are times when even though you are in the middle of thorough research, you can miss the larger point. We have been writing a fair amount about retirement and it is relevant as we are seeing more and more “gray”...more

Fox Rothschild LLP

I’m 58 and I Have “This” Much. Can I Retire?

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We have lamented these articles in a prior blog where we advised readers to “Know Thy Expenses” before stepping into any kind of retirement. People read these articles looking for solace in their own plans. Yet, until you...more

Freeman Law

Qualified Domestic Relations Orders Demystified | What divorcing spouses should know.

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Divorce and retirement plans - Many domestic proceedings involve the division of retirement assets. With more than 80 million workers in the U.S. being covered by an employer-provided retirement plan, retirement savings...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] My Will and My Divorce: Protecting Your Assets From Your Ex - September 26th, 12:00 pm - 1:00 pm ET

During the divorce process, one often overlooked area is updating your estate plan. Divorce can impact beneficiary designations on life insurance policies, retirement accounts, and other assets and can also have tax...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Haven’t Coordinated Beneficiary Designations With Your Will

Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more

Kohrman Jackson & Krantz LLP

Special Considerations For Divorces Involving Middle-Aged And Older Americans: Part 2

PART 2: DIVISION OF ASSETS AND DEBTS, RETIREMENT BENEFITS, AND ESTATE PLANNING MATTERS - As discussed in Part One of our two-part series detailing the social phenomenon know as “grey” divorce, a number of recent studies,...more

Kilpatrick

IRS Extends Relief for Remote Notarization of Spousal Consents

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In June, the IRS provided temporary relief that allows for spousal consents for retirement plan loans or distributions to be witnessed remotely through audio visual equipment by a notary public in accordance with a state...more

Proskauer - Employee Benefits & Executive...

One Problem Solved: Notice 2020-42 Provides Temporary Relief for Witnessing Spousal Consents

This afternoon, the Treasury Department issued Notice 2020-42, ending the uncertainty surrounding spousal consents to retirement plan distributions and loans in the socially distanced COVID-19 world. As plan administrators...more

Morgan Lewis - ML Benefits

Considerations for Obtaining Spousal Consent at a (Remote) Social Distance

Internal Revenue Service (IRS) regulations require that spousal consent to the waiver of a qualified joint and survivor annuity (QJSA) that is necessary to elect an optional retirement payment form must be signed in the...more

Chambliss, Bahner & Stophel, P.C.

Medicaid Protections for the Healthy Spouse

Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term...more

Lewitt Hackman

Why Should I Get My Estate Planning Done Now?

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Last Sunday I learned that my mother’s dear friend who is very active, hikes daily, gardens daily, does senior yoga weekly, eats a healthy diet, and has many volunteer and social commitments that keep her happy, went on a...more

Ruder Ware

Getting Started: Estate Planning for Young Families

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For many people, the first time they start thinking about an estate plan is when they start to have family members that depend on them financially – typically, a spouse or a child. Let’s take, for example, a young married...more

Burns & Levinson LLP

The SECURE Act – Considerations for January 2020

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Often times in a divorce matter, the two biggest assets the parties have are their house and retirement accounts. While everyone was busy with the recent holiday rush, President Trump signed the SECURE Act into law as part of...more

Ruder Ware

My spouse is on Medicaid, now what?

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It is common for a client whose spouse is receiving Medicaid to lack adequate estate planning to protect those Medicaid benefits in the event the client dies before their spouse. Yet, after all of the time and energy spent to...more

Burns & Levinson LLP

Updating Your Estate Plan in the Event of Divorce

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It’s advisable to review and update your estate plan with any change in personal circumstances, financial circumstances, changes in the law, or just the passage of an extended time. But if you’re in the midst of a divorce, or...more

Fox Rothschild LLP

Make Sure To Enter QDROs At The Time Of Divorce

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We recently received a favorable appellate decision on behalf of our client whose ex-husband tried to manipulate their divorce agreement regarding distribution of his New Jersey PERS pension (“pension”) nearly three decades...more

Ruder Ware

Is My IRA Safe From the Nursing Home?

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After working and saving, clients are concerned that unexpected costs will become unplanned for drains on their Retirement Accounts (e.g, 401(k), IRA, Roth IRA, 403(b), etc.). As the need to pay for nursing home care nears,...more

Fox Rothschild LLP

Pension Justice Done; But Along A Rocky Road

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On April 30, 2019, the Superior Court published a panel decision related to a retirement benefit divided in divorce. This wasn’t just any pension, but one established for a Pennsylvania municipality. As this author learned...more

Dickinson Wright

Surprise! A QDRO Can Apply to a Welfare Benefit Plan

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Most plan administrators are familiar with a qualified domestic relations order or “QDRO,” which is used to split retirement plan benefits between a plan participant and an alternate payee, such as an ex-spouse or minor...more

Burns & Levinson LLP

Estate Planning After Divorce

Burns & Levinson LLP on

Divorce attorneys saw a wave of divorces last year due to the changes in the tax laws that took effect on January 1, 2019. If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019: A second walk down the aisle can complicate estate planning

An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more

Fox Rothschild LLP

Equitable Remedies For Ex-Spouses Who Lost Their Share Of A Military Pension Due To The Military Spouse’s Receipt Of Disability...

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Divorces involving a spouse in the military generally involve unique issues. In the recently published decision of Fattore v. Fattore, the Appellate Division held that the trial court cannot replace, “dollar for dollar”, an...more

Saul Ewing LLP

Does Your Spouse Know?

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In most households, there is one spouse who handles financial matters- paying bills, filing tax returns, planning retirement income. While division of labor might be great, there could be problems if the "non-financial"...more

Chambliss, Bahner & Stophel, P.C.

Window Closing for Couples to Use 'Claim Now, Claim More Later' Social Security Strategy

Spouses who are turning full retirement age this year are the last group who can choose whether to take spousal benefits or to take benefits on their own record. The strategy, used by some couples to maximize their benefits,...more

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