ac Posted July 26, 2022 Posted July 26, 2022 We have a Profit Sharing Plan that was sponsored by a sole proprietor. The business he owns has employees who are participants in the Plan. The Sole Proprietor passed away. His will left his assets to a revocable trust. Does the revocable trust become the plan sponsor? Can a revocable trust be a plan sponsor? Has anyone had an issue like this?
Popular Post Peter Gulia Posted July 26, 2022 Popular Post Posted July 26, 2022 The decedent’s estate’s personal representative might have a responsibility and powers to administer the sole-proprietor business (until the representative sells or distributes the business). Likewise, or even without a responsibility to administer the business, the personal representative might have powers to serve as the retirement plan’s administrator. As a service provider, you’ll want your lawyer’s advice about whether you may rely on a personal representative’s instructions. CuseFan, Luke Bailey, ugueth and 2 others 5 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
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