There has been some talk about 401K's being exempt. What about a K-1 investment account? Thanks!!
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Filed C7 12-09-08
Discharged 5-15-09
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Anyone?Filed C7 12-09-08
Discharged 5-15-09
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What is a K-1 account? Is it a retirement instrument like a 401K or and IRA? Or is it some other investment tool? I do know the trustee asked us if we owned any stocks or bonds."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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A k-1 is a tax form given to a partner from a partnership or a beneficiary of a trust or estate of a decedent. Depending on what kind of income it is and state of residence decides whether it is exempt or not I think.Comment
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Thank you! Still waiting to hear back from the lawyer!Filed C7 12-09-08
Discharged 5-15-09
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Talked to the Lawyer and we can "exempt" the K-1 but the trustee can take it if they want it. In case, this helps someone else...Filed C7 12-09-08
Discharged 5-15-09
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