401k loans allow you to borrow against your 401k account tax-free (as long as you pay it all back). The loan payments typically occur by payroll deductions. If considering a 401k loan you should carefully consider he loan terms and the ramifications. Your employer does not have to offer 401k loans and can severely limit […]
Employment Attorney explains: When can I take a 401k loan? Read More »
By now you received fee disclosure statements on your 401k, ESOP, 403(b) and profit sharing plans. These fee disclosure statements, known as 404a5 Participant Disclosures, ensure these retirement plans provide plan participants with a minimum amount of information about the fees charged by plan investments and fees paid by the plan (often from those investment fees)
Retirement Plan Participant Disclosures Read More »
Divorce in Bedford, Dallas and Fort Worth is a judicial process to dissolve a marriage. It requires the help of the courts. Divorce in Texas can be a fairly simple process though. The family courts in Tarrant, Dallas, Collin and Denton counties can make the divorce as painless as possible. There are two ways a divorce can
What is the process for divorce in Texas? Read More »
By now you received fee disclosure statements on your 401k, ESOP, 403(b) and profit sharing plans. These fee disclosure statements, known as 404a5 Participant Disclosures, ensure retirement plans provide participants with a minimum amount of information about the fees charged by plan investments and fees paid by the plan (often from those investment fees) to companies that
ERISA Retirement Plan Participant Disclosures Read More »
When employees leave employment, the common response is to want to sever ties and move on, especially if the employee left involuntarily or on bad terms. However, withdrawing or rolling over your 401k may not be the best decision in every case. There are important financial and legal considerations. Before making decisions about your 401k
Benefits of staying in your 401k after you leave an employer Read More »
KSOP is jargon used within the financial and employee benefit industries as shorthand to explain the arrangement where a 401k plan houses an ESOP of the employer’s stock as an investment option. An ESOP is an Employee Stock Ownership Plan that allows employees to purchase company stock through a retirement plan. It is an ERISA
Pensions are a type of retirement benefit offered by employers or the government that provide a regular income to individuals after they retire. However, the calculation of pension benefits is not always straightforward. In this article, we will explore how pensions are calculated, including the various factors that can impact the final amount. Unlike an
How are pensions calculated? Understanding the process Read More »
Spouses in Fort Worth and Dallas are entitled to part of your retirement accounts in Texas because the federal law surrounding retirement plans allows for spouses to earn an interest in your retirement accounts during the marriage. State law allows for family courts to divide these assets based upon a domestic relations order. (That usually becomes
Why does my spouse get part of my 401k or pension in a divorce? Read More »
Known as either a “living trust” or a “revocable living trust”, a trust is a legal creation to simply passing assets from one generation to the next without having to rely on a will and probate courts, which can be more expensive, more complex and financially disadvantageous. While there are many kinds of trusts that
What is a living trust and should I have one in Texas? Read More »
Are you aware of the Summary Plan Description (SPD)? If you are an employee or a plan participant in a retirement or health plan, you should be familiar with this document. An SPD provides important information about the benefits, rules, and procedures of a retirement or health plan. In this article, we will discuss what
What is an Summary Plan Description? Read More »
Texas is one of nine states in the nation that recognizes marital property as community property. Property owned in Texas by a married couple is either community property or separate property. Community property includes property owned jointly by both spouses. Separate property includes property owned by only one spouse. The law presumes all marital property is
Divorce attorney explains community property rules in Texas Read More »
An ESOP is an Employee Stock Ownership Plan. It is an ERISA-governed employee benefit plan that allows the employee to purchase shares of the employer’s stock on a tax deferred-basis. (You don’t pay taxes today but you will pay taxes when you take your money out of the plan.) ESOPs were common before the rise
How does an ESOP work? How does it work with a 401k plan? Read More »
ERISA, the Employee Retirement Income Security Act of 1974, is a federal regulatory regime that governs private employer retirement, health care benefits and certain other employee benefit plans. It is a massive web of legislation, Department of Labor regulations and IRS regulations. ERISA also borrows from and incorporates securities regulations on investments (such as in 401k plans). ERISA
What is ERISA and why should employees care? Read More »
This highly important question tends to receive significantly less attention in today’s economy than it should. Many people see a lump sum as a way to either pay down debts or seed stock gains. This attitude is further fueled by financial advisors who need to bring in assets, like your pension lump sum and 401k,
Should You Take the Lump Sum or the Annuity Payments from Your Pension? Read More »
Often people considering a divorce in Texas come to an initial consultation with a divorce attorney with many questions. It is a new process for many people and potential clients are about to experience many life changes. The questions are understandable and important. Usually people have some of the same questions about their divorce and
Top Five Divorce Questions Read More »
There are many retirement asset-funded investment and business schemes that run from taking loans to “rollover as business startup” (ROBS) plans. They have been around for many years and typically they are generally a bad idea. I discourage most would-be investors due to the legal and financial liability involved. I have had people come to
Can I use my 401k to buy a business, franchise, house, investment property, etc.? Read More »