![]() ![]() Also, your lawyer can complete annual reviews and updates to your Will at no additional charge.Ī Living Will allows you to direct medical care should a person become incapable of providing informed consent. Your membership includes a Standard Will prepared by your lawyer for you, your spouse and your covered family members. ![]() Our estate planning document services more than pay for the membership all by themselves! Get Answers to Frequently Asked Questions Should you choose to have the lawyer engage in extensive negotiation on your behalf, those services are available at 25% off their standard hourly rate. Their goal is to arm you with the information you need to resolve the situation. Your lawyer will review the document and advise you by phone about any areas of concern and the legal implications. You may submit any personal legal document up to 15 pages or less that’s related to the legal issue being discussed so long as you or one of your covered family members is party to the contract. If additional phone calls or letters from the lawyer are needed, they will be provided at 25% off the lawyer’s hourly rates. If after the phone consultation your lawyer determines that a letter or phone call from them would help you resolve the legal issue, they will write one letter or make one phone call on your behalf. Write Letters or Make Phone Calls On Your Behalf.Also, if necessary, your lawyer will provide up to one hour of legal research on each matter, for no additional fee. Your lawyer will speak with you for as long as he/she believes is necessary to adequately advise you on the matter in question. Working with an attorney in Tennessee who is experienced with these orders is always recommended to help prevent tax issues down the road.You can always speak with your lawyer to get legal advice on an unlimited number of personal legal matters in any area of law, including pre-existing issues. There are many fine details involved in properly establishing a qualified domestic relations order. Again, the QDRO would need to detail the exact amount of payments to be made and the recipient could elect to reinvest the money into another type of retirement plan. If the person who owns the account chooses to tap into 401K funds to pay alimony, the spouse who receives the money will be responsible for taxes. If a person chooses to use a QDRO to make child support payments with retirement funds, the account owner will retain income tax responsibility. In addition to outlining provisions for a property division settlement, a qualified domestic relations order may allow the use of 401K funds to satisfy either a child support or a spousal support award. ![]() If that person makes the choice to invest the money into another retirement fund, the taxes may be avoided altogether. The plan participant is therefore not taxed nor assessed any fees.Īccording to the Internal Revenue Service, the spouse who receives the money would be responsible for reporting the income on a tax return. This then allows them to receive distributions directly as per the QDRO and divorce decree. With a QDRO, the spouse who does not own the account can be named as an alternate payee on the account. This is essentially a way for people to maximize the amount of money they preserve from their hard-earned savings. The use of a qualified domestic relations order may help people prevent both of these things. Department of Labor explains that when a person withdraws money from a 401K account for any non-retirement purpose, both taxes and early withdrawal penalties may apply. It is also wise to learn about the ways to potentially avoid being hit with a large tax bill. Before proceeding, people should understand what is involved in this split in order for them to assess what is in their best interest. However, as with other elements of a property division agreement, there may be tax implications of splitting a 401K account. This has become a relatively common part of many property division settlements today, especially as a retirement account may be one of a couple’s most valuable assets. When getting a divorce, many people in Tennessee end up having to split their 401K account assets with their spouse. Divorcing Tennessee spouses who must split 401K retirement accounts should learn about the qualified domestic relations order. ![]()
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