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401k (two names on the IRA)

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  • 401k (two names on the IRA)

    I have to take $25,000 out of my 401k and put it in a IRA for my kids for college or if they dont attend college at 25 yrs of age they each receive $12,500, but I have to put mine and my exs name on the IRA. I was told by my investment co that I cannot do that because of the 2 names on it. Is that true? Also, with a quadro,will I be penalized when I withdraw the $25,000 from my 401 and put it in the account? I live in WI and I am not 59 yrs of age. Thank you.

  • #2
    re: 401k (two names on the IRA)

    There are many options but I at least would normally recommend you have a brief meeting with a reputable financial planner first--then all options including trusts, gifts etc. can be carefully reviewed by you depending on your individual circumstances--options do vary widely depending on the details in this area of planning.


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