Liquid assets are cash or investment holdings or any tangible property that can be instantly converted to cash without losing their value. Individual retirement accounts and 401(k)s are retirement savings accounts designed to hold your money until retirement and technically are not liquid assets, unless you have reached retirement age. The idea is to leave your money in the 401(k) or IRA until you retire, so liquidating these funds prior to retirement age will get you some cash but also some Internal Revenue Service penalties that reduce the value of your asset.
As an asset, it can be attached, even in cases of retroactive support for a child the man never knew existed.
No,In financial accounting, assets are economic resources owned by business or company.A 401 is personal money account, so it does not fall under the definition.
Try this website:http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
Contracom
No
It depends on your circumstances. If you have cut ties with your employer, you have different rollover options. This article details those options and offers advice on how to determine which option is best: http://genxfinance.com/how-to-roll-over-your-401k-when-you-leave-or-lose-your-job-the-401k-rollover/
Yes, once it becomes part of a bank account or similar asset.
As an asset, it can be attached, even in cases of retroactive support for a child the man never knew existed.
Yes, for a small co 401k
No,In financial accounting, assets are economic resources owned by business or company.A 401 is personal money account, so it does not fall under the definition.
Yes, they must. All debts and ALL assets must be included. No exceptions. Your 401 is classified as an exempt asset by the court. However the loan isn't, and when it is discharged by the court, you will lose your 401k against it, and probably have substantial tax consequences. You need an attorney.
Try this website:http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
Money taken from your 401 into your personal account is considered income/asset. That's why its never a good idea to remove money from your 401 when youre about to file BK.
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
Contracom
You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.