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What else can I help you with?
Which pension plan is the best plan?
My experience has taught me that no pension plan is better than your own. Your own plan. Your own design. Your own goals. Whatever you choose, be it tax deferred annuity, tax shelter, sometimes even the bank and CD's, your interest will probably be higher than a pension plan, because you will constantly be moving your money into a better-yielding investment. That's some pensions plans (planners?) don't usually do. Not their money anyway . . .
Can you fund your living trust with your homestead and 401K?
Your home can be transferred to a trust. Your 401K can only be transferred to another qualified plan through a trustee to trustee transfer under federal tax laws. You cannot take control of your own 401K.
What are the benefits of a defined benefit pension plan?
A defined benefit pension plan is one where the employer pays all the premiums and makes all the decisions on where to invest. The benefits of this plan are that, as an employee, you don't have to put in your own money and you don't have to do anything other than to show up to work.
Who is the grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Who is grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
If your spouse retires from in Nycers pension tier 1 and you also work for the same if he passes and his pension options leaves it to you are you eligible to claim your own pension when you retire?
If your spouse leaves their pension to you and you are both members of NYCERS Tier 1, you may be able to receive both your own pension and your spouse's pension when you retire, depending on the specific terms and conditions of the plan. It's advisable to consult with a NYCERS representative for detailed information regarding your specific situation.
What is a defined benefits plan?
A retirement plan, normally a pension, that provides "defined benefits" at a future date, like an annuity. Unlike a defined contribution plan (such as a 401(k)) in which a participant has their own account, in a defined benefit plan, the participant's money is normally pooled together with the other participant's money so that an individual participant's account is not segregated. It is your classic pension.
What is Defined benefits plan?
A retirement plan, normally a pension, that provides "defined benefits" at a future date, like an annuity. Unlike a defined contribution plan (such as a 401(k)) in which a participant has their own account, in a defined benefit plan, the participant's money is normally pooled together with the other participant's money so that an individual participant's account is not segregated. It is your classic pension.
What is benefits plan?
A retirement plan, normally a pension, that provides "defined benefits" at a future date, like an annuity. Unlike a defined contribution plan (such as a 401(k)) in which a participant has their own account, in a defined benefit plan, the participant's money is normally pooled together with the other participant's money so that an individual participant's account is not segregated. It is your classic pension.
Can you grant yourself a mortgage with funds from your own drawdown pension as a way of buying an investment property?
No. You cannot grant yourself a mortgage. There must be a separation of title.If you could create a trust to hold title to the real estate you may be able to borrow from your pension fund in the name of the trust. To create a trust you need to consult with an attorney. You may also be allowed to borrow money to purchase real estate from your pension fund. To find out whether you can borrow from your pension fund you need to ask the fund administrator.No. You cannot grant yourself a mortgage. There must be a separation of title.If you could create a trust to hold title to the real estate you may be able to borrow from your pension fund in the name of the trust. To create a trust you need to consult with an attorney. You may also be allowed to borrow money to purchase real estate from your pension fund. To find out whether you can borrow from your pension fund you need to ask the fund administrator.No. You cannot grant yourself a mortgage. There must be a separation of title.If you could create a trust to hold title to the real estate you may be able to borrow from your pension fund in the name of the trust. To create a trust you need to consult with an attorney. You may also be allowed to borrow money to purchase real estate from your pension fund. To find out whether you can borrow from your pension fund you need to ask the fund administrator.No. You cannot grant yourself a mortgage. There must be a separation of title.If you could create a trust to hold title to the real estate you may be able to borrow from your pension fund in the name of the trust. To create a trust you need to consult with an attorney. You may also be allowed to borrow money to purchase real estate from your pension fund. To find out whether you can borrow from your pension fund you need to ask the fund administrator.
What are the details of the sep retirement plan?
A simplified employee pension plan is a plan for business owners to easily contribute toward their employees retirement as well as their own. Any contributions can be put into an individual retirement account or annuity for each employee.
If parents want to transfer their house to their child what is the child's cost basis for the house?
You should speak to a good trust attorney about setting up a Living Trust and puting ALL parties in the trust. Then the Trust can own the property.
