Timothy Sumer

LOOKING FOR HELP? DIVORCE AND YOUR MONEY: PODCASTS: SUBSCRIBE: "Lot’s of times agreements we get are drafted and signed by a judge, and they call for something that can’t be done. It is legally impossible.” - Michael O’Connell, QDRO Solutions   "People will contact us and say 'Well, I’m supposed to get part of my husbands 401k but I don’t know what the name of it is.’ That is very important, to get that form filled out, make sure they know the name of the plan that’s going to get divided, and the company, and the plan administrator, and if they don’t know at all at least give us as much information as they can so that we can research the rest...They send a package to us and we charge a flat fee. “ - Donna Dodds, QDRO Solutions   A retirement plan is often one of the largest assets that you may have during divorce. Unfortunately, also one of the most complicated assets to split. As today’s interview guests said, “Every plan is different, every plan administ...

LOOKING FOR HELP? DIVORCE AND YOUR MONEY: PODCASTS: SUBSCRIBE: Episode 78 of the Divorce and Your Money Show discusses trusts and how they are affected in a divorce.   Legal trusts are often used for such things as estate planning and asset protection. They can also be used for gifting, asset management, tax shelters, or protection from creditors. A trust is a legal vehicle, where a grantor puts assets or money aside, and the person who will receive it later is called the beneficiary. A third person known as the trustee is in charge of managing the assets.   The most important point to notice about trusts in a divorce is the language used in the trust document. You need an attorney to look at this language, which can be very specific or pretty broad. The type of trust and how it is worded for the beneficiary are really important. A well-worded trust explicitly states that the money in the trust is only for the beneficiary. It can prevent a spouse from gett...