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Old 01-02-2007, 05:14 PM
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Join Date: Dec 2002
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401k limits?

What is the name of your state? Massachusetts

My mother was involved in an accident 4 months ago and has been out of work since. The injury was a dislocated and fractured shoulder. She needs to be able to lift items in order to do her job. As of Jan 1, her short term benefits ran out and all her vacation time has been used and her job informed her that they are letting her go. She has approx $30,000 in her 401k and that is her only asset, aside from her car. Does she need to go through this money before she can get benefits? Is there a way to transfer some as a gift to a 529 college plan for her granddaughter? She applied for Mass Health Care since she has no insurance and still needs therapy. Even though there will be an impending lawsuit, that could take time, and she would not like to spend all her retirement money. Thanks
  #2  
Old 01-02-2007, 05:19 PM
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That would be fraud.
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  #3  
Old 01-02-2007, 08:07 PM
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Thanks

I wasn't sure if there was any loophole somewhere where she wouldn't have to touch her 401k.
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