QUESTION

If one were to set up a irrevocable trust for children that included a retirment account can spouse break trust upon a divorce?

Asked on Sep 05th, 2011 on Trusts and Estates - Missouri
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1 ANSWER

Mediation (Family, Estate, Elder/Adult Care, Divorce) Attorney serving Tulsa, OK at Gale Allison, PLLC
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To get the most direct answer, there are a few important things you must understand: A retirement account cannot be owned by an Irrevocable Trust. A Trust will not be administered (meaning nothing in it will be distributed) until after its owner has died. A dead person cannot get a divorce. A retirement account of a living person can be divided in a divorce. Certainly, in Oklahoma, except for a minor possibility that money from this particular retirement account might be dedicated as gifts to charity, a spouse may receive earnings from a retirement account in a divorce decree. Missouri will no doubt have a law addressing this issue clearly. If you are asking on someone else's behalf, he or she needs a Missouri estate planning lawyer with the experience to analyze your situation and help that person provide for his or her children's future despite a divorce proceeding. You do the same, before divorcing, if you are asking for yourself. To your success,Gale Allison, Principal AttorneyThe Allison Firm, PLLChttp://www.theallisonfirm.comhttp://www.linkedin.com/in/GaleAllison
Answered on Sep 22nd, 2011 at 6:52 PM

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