My fiancés is dying of cancer. His 401k has his 2 kids as beneficiaries, I was told that his creditors may be able to take the fund to cover his debts. Anyone know? J.
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My fiancés is dying of cancer. His 401k has his 2 kids as beneficiaries, I was told that his creditors may be able to take the fund to cover his debts. Anyone know? J.
His 401(k) plan account is protected from creditors as long as he is alive. Once he passes, the plan assets would no longer have creditor protection (only exception is if the beneficiary is a spouse). However, there may be ways for him to shield the assets - I recommend that he talk with an attorney who specializes in estate planning to see what his options are.
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