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I'm taking my pension as a lump sum in 05/08 $63,000 is it possible to use this as collateral? |
I am trying to buy a small restaurant; My partner is thinking about putting the money up for the purchase. I am wondering if it is possible to use my future pending pension I'll recevie in May, 2008(which I will be 55 years old to match my partners investment. I do understand there are penalites for taking pensions in a lump sum, but would it be possible to do a power of attorney and assigned that money to go into a trust which I would then be able to pay my partner back on the investment? I would want him to feel comfortable that there was a way for him to be guaranteed his portion of money back. I do understand I would have to also buy a life insurance policy which I would have to assign him as beneficinary, just in case of my death. Is this a possible to do??? Depending on the terms and stability of the pension, you may be able to pledge it as collateral. But, they will probably not give you full value because if they have to cash it in, they will not get face value. Also, you would have the tax liability on it. Be very careful about a restaurant, they have the highest failure rate of any business in this country. there is another way to do this and that would be to leave the money in the pension fund and avoid the penalties. Sale that money that is owed to you for cash. I could help. Go to (click on link ) http://cashflowsamerica.com/ there is good information here for you to read. I would talk to an attorney about this first. |
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