Guest SBlack Posted March 6, 2001 Posted March 6, 2001 59 1/2 Doc with a MPPP and PSP wants to rollover to an IRA and take distributions as he needs them. He doesn't want to start annuity payments or take a lump-sum ($2.5 mil)because his is still working (not for same org. and just part-time). Can he rollover just the amounts that he wants distributed? His concern about a total rollover is that the IRA is not protected from creditors. Even though he currently doesn't have a malpractice suit against him, you never know. Can he do this? Any pitfalls or limitations?
BPickerCPA Posted March 7, 2001 Posted March 7, 2001 It may depend on the plan documents. You probably can't take in service distributions and roll them over. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
Guest SBlack Posted March 7, 2001 Posted March 7, 2001 Sorry Barry - I should have clarified his status. He has terminated from employer sponsoring the MPPP and PSP and is doing some consulting. Document states 60 is retirement age, which he will be in May 2001. Now what do you think? Thanks!
QDROphile Posted March 7, 2001 Posted March 7, 2001 Many, if not most, states afford IRAs protection against creditors.
Appleby Posted March 9, 2001 Posted March 9, 2001 Check this website for a listing of states and how they treat IRA, with regards to bankruptcy protection http://www.ici.org/retirement/99_state_ira...a_bnkrptcy.html This should help Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
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