Retirement Account

FirstConsul · #1 (**permalink**) 09-11-06, 01:02 PM

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anfern057 · #2 (**permalink**) 09-11-06, 03:21 PM

Sounds like a question on the Series 7 exam.

I'll try and see if I can find anything for you.

WallStGolfer31 · #3 (**permalink**) 09-12-06, 02:42 PM

I would think the legal assets of a non-US citizen inside the US would still be in the name of that person becasue otherwise it would be illegal seizure of ones assets. Assets such as 401(k)'s are not seizable by even the IRS, so I would think that it would still be your assets even if your cease a presence within the US. It might be hard as hell to mange, making it difficult via international phone calls, time differntials due to time zones, ect. But with the proliferation of US companies within China, one might be able to find a US broker that is located within China to "rollover" their 401(k) to, and be able to liquidate without a huge US tax burden.

Due to the US laws concerning property rights, I highly doubt it would be taken away from you.

Legal Seizure of Assets

anfern057 · #4 (**permalink**) 09-13-06, 03:09 PM

I got this response from someone I know.

If the person is vested and if the person is eligible under the company's eligibility requirements, then yes, he can take the full penalty. This applies to anyone with a 401k, btw. If you take the money out before 60, then you pay the penalty (unless it was done for acceptable reasons).

I reccomend you call up the company where your parents had the 401k and ask them directly. It shouldn't be that hard to take care of.