I am receiving a fixed amount each month. I was a stay at home mom of four so I don't have my own but I would like to leave something for my kids. My understanding is that once I pass away, the payments will stop.
2006-08-16 08:25:30 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Call Peachtree if it's available in your area- I live in Canada
2006-08-16 08:31:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You usually can do this, but you will take a big cut in the total amount for taking the lump sum. For example, maybe your husband had savings in the plan of say, $40,000. If you take the lump sum, it may only be $30,000. Get it? Yes, once you are gone, the payments stop, unless he signed a form naming someone as beneficiary after you die. Sometimes you can do that. You should call the company the plan is through, and talk to a plan representative. They can tell you the specifics of your husband's plan.
2006-08-16 08:32:56 · answer #2 · answered by Okkieneko 4 · 0⤊ 0⤋
If it is a pension plan, you can not take a lump sum and it's not likely the plan allows a secondary beneficary.
If it is a 401(k), etc, you can take a lump sum, however then payments would stop. Ideally your lump sum would be rolled to an IRA because then you can "stretch" the payments your children would recieve over their limetimes based on their life expectancy. See the link below for more.
2006-08-16 08:58:48 · answer #3 · answered by kcincon 3 · 0⤊ 0⤋
Madam,
You are missing the point if you have an income coming in. The best thing you can do is teach your kids how to deal with money. Get a job when kids are in school even as lunch lady. Retirement pensions are as solid as ----? They can and will be dissolved . Check how many pensions are in the government pension funds and how little are paid out. visit ww.daveramsey.com or the library. ask for 'the millionaire next door' 'think and grow rich- blacks choice' 'rich dad poor dad' read and learn then act on what you learn. Cause this the best thing you can leave your kids - the ability to produce and control thier incomes , not money.
2006-08-23 15:14:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Check with your CPA or attorney. You can get it all, but it will not be the whole amount. The is a penalty for taking the whole amount at once.
2006-08-24 08:11:57 · answer #5 · answered by anisarkisyan 3 · 0⤊ 0⤋
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2006-08-24 08:12:19 · answer #6 · answered by FREE INFO 1 · 0⤊ 0⤋
You can only get it monthly
2006-08-16 08:31:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋