Say that a married couple wants to accelerate Required Minimum Distributions and there is an age gap in their ages. Then transfer some 401(k) money from the younger spouse to an IRA for the older spouse.
Result? Cash now for the married couple. That money can be used and enjoyed now rather than in the future.
If you have questions about the IMQ, contact me. ...
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What can in In-Marriage QDRO do for you (2)
Say one spouse is older than the other spouse; it could be five years or ten years older. Further suppose the older spouse wants to defer the Required Minimum Distribution (RMD) because the couple wants that money to grow in the tax deferred account for a longer period of time.
The solution is the In-Marriage QDRO. Transfer the older spouse's 401(k) money to an IRA owned by the younger spouse. The numbers can be very significant due to the magic of compound interest and no taxes. As usual, at least $100,000 should be transferred.
Contact me if you want to learn more. ...
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What can an In-Marriage QDRO do for you?
First in a series.
I'll start out with maybe the best application and this is an actual case from Louisiana. Wife had dementia and was admitted to a nursing home. Her ERISA monthly pension was transferred to her well husband. Result? Over $23,000 per year was saved.
The lawyer who did this IMQ said, "They thought we had hung the moon!" They had.
Contact me if you want to learn more. ...
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