Posts Tagged ‘Survey’
Growing Number of People Using Solo 401(k) Plan Loan To Pay Off Credit Card Debt, According To IRA Financial Group Survey
New York, NY (PRWEB) March 24, 2015
IRA Financial Group, the leading provider of self-directed solo 401(k) plans for self-employed and small business owners with no full-time employees, announces the results of its internal survey which showed a large number of people looking to use the solo 401(k) plan loan feature as a means for paying off their credit card debt.
“Due to very high interest rates surrounding most credit card debt and the heavy financial burden it has on the individuals, more people are turning to the solo 401(k) plan loan feature as a way of paying off the credit card debt with a lower interest rate, “ stated Susan Glass, a tax specialist with the IRA Financial Group. “People are so excited when they lean that they can access up to $ 50,000 tax-free and penalty free from their 401(k) plan and use the solo 401(k) plan loan as a way of replace a high interest rate credit card loan with a low interest rate solo 401(k) plan loan, “ stated Ms. Glass. “The best part of the solo 401(k) plan loan is that you can get tax-free and penalty free access to your retirement funds and use them to pay off the credit card debt and at the same time pay your plan back, which in-turn increases the value of the loan, “ stated Ms. Glass.
Internal Revenue Code Section 72(p) allows a Solo 401K Plan participant to take a loan from his or her 401K Plan so as long as it is permitted pursuant to the business’s 401K Plan documents.
A solo 401k loan is permitted at any time using the accumulated balance of the solo 401k as collateral for the loan. A Solo 401(k) participant can borrow up to either $ 50,000 or 50% of their account value – whichever is less. This loan has to be repaid over an amortization schedule of 5 years or less with payment frequency no less than quarterly. The lowest interest rate that can be used is Prime as per the Wall Street Journal, which is currently 3.25%.
With IRA Financial Group’s Solo 401K plan loan feature, a self-employed individual or small business owner with no employees can borrow up to $ 50,000 tax-free and penalty free and use those funds to pay off student loan debt. There are no penalties or taxes due provided loan payments are paid on time. “The Solo 401(k) Plan loan has proved to be an appealing financing option to paying off high interest rate credit card debt and secure cheaper self- financing”, stated Ms. Glass.
IRA Financial Group’s Solo 401k Plan documents will allow a self-employed individual to use a loan from your Solo 401k for any purpose, including paying off debt, such as a mortgage, personal loan, or student debt. “In 2015, we have already helped hundreds of individuals use the Solo 401(k) Plan loan feature as a way to access at least $ 50,000 of retirement funds without tax or penalty to use for any purpose, including for use in paying off personal debt, such as credit card and student loans, “ stated Adam Bergman, a tax partner with the IRA Financial Group.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the leading provider of Solo 401(k) Plan solutions. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate and private business investments without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.
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Dickinson Wright Receives 112 Rankings in U.S. News – Best Lawyers “Best Law Firms” Survey
Detroit, Mich. (PRWEB) November 01, 2012
Dickinson Wright PLLC received 60 first-tier rankings in the 2013 “Best Law Firms” report by U.S. News and Best Lawyers. The survey ranked Dickinson Wright in 55 different practice areas overall. The firm received first-tier recognition in 59 practice areas in Michigan.
The firm was also recognized for legal excellence for practices in our Las Vegas, Nashville, Phoenix and Washington, D.C. offices.
The rankings, presented in tiers, showcase more than 10,000 law firms ranked nationally and/or by metropolitan region. Firms were ranked nationally in one or more of 80 legal practice areas and by metro or state in 118 practice areas.
State/Metropolitan Rankings
Tier 1
Ann Arbor, Mich.
Banking and Finance Law
Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
Corporate Law
Litigation – Bankruptcy
Litigation – Construction
Litigation – Patent
Mergers & Acquisitions Law
Non-Profit/Charities Law
Detroit
Appellate Practice
Arbitration
Banking and Finance Law
Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
Commercial Litigation
Corporate Governance Law
Corporate Law
Employee Benefits (ERISA) Law
Employment Law – Management
Environmental Law
Family Law
Immigration Law
International Trade and Finance Law
Labor Law – Management
Litigation – Antitrust
Litigation – Bankruptcy
Litigation – Eminent Domain & Condemnation
Litigation – Environmental
Litigation – Labor & Employment
Litigation – Real Estate
Mediation
Mergers & Acquisitions Law
Public Finance Law
Real Estate Law
Trademark Law
Trusts & Estates Law
Grand Rapids, Mich.
Banking and Finance Law
Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
Commercial Litigation
Construction Law
Land Use & Zoning Law
Litigation – Banking & Finance
Litigation – Bankruptcy
Litigation – Construction
Litigation – Eminent Domain & Condemnation
Litigation – Land Use & Zoning
Municipal Law
Public Finance Law
Real Estate Law
Lansing, Mich.
Administrative/Regulatory Law
Appellate Practice
Commercial Litigation
Employment Law – Management
Gaming Law
Government Relations Practice
Health Care Law
Insurance Law
Labor Law – Management
Litigation – Eminent Domain & Condemnation
Municipal Law
Public Finance Law
Washington, D.C.
Gaming Law
Tier 2
Ann Arbor, Mich.
Construction Law
Health Care Law
Detroit
Litigation – Banking & Finance
Litigation – Intellectual Property
Litigation – Mergers & Acquisitions
Litigation – Trusts & Estates
Municipal Law
Natural Resources Law
Oil & Gas Law
Patent Law
Private Equity Law
Securities/Capital Markets Law
Securities Regulation
Grand Rapids, Mich.
Corporate Law
Lansing, Mich.
Litigation – Banking & Finance
Litigation – ERISA
Litigation – Real Estate
Litigation – Regulatory Enforcement (SEC, Telecom, Energy)
Personal Injury Litigation – Defendants
Tax Law
Las Vegas
Litigation – Intellectual Property
Nashville
Entertainment Law – Motion Pictures & Television
Land Use & Zoning Law
Mass Tort Litigation/Class Actions – Defendants
Phoenix
Real Estate Law
Tier 3
Detroit
Litigation – Patent
Litigation – Securities
Lansing, Mich.
Corporate Law
Nashville
Banking and Finance Law
Commercial Litigation
Real Estate Law
National Rankings
Tier 2
Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
Corporate Law
Employment Law – Management
Immigration Law
Labor Law – Management
Patent Law
Private Equity Law
Trademark Law
Tier 3
Appellate Practice
Banking and Finance Law
Commercial Litigation
Environmental Law
International Trade and Finance Law
Litigation – Environmental
Litigation – Labor & Employment
Litigation – Real Estate
Mergers & Acquisitions Law
Public Finance Law
Real Estate Law
Securities/Capital Markets Law
Trusts & Estates Law
About Dickinson Wright PLLC
Dickinson Wright PLLC is a full-service law firm with more than 40 practice areas. Founded in 1878, Dickinson Wright has over 300 lawyers in offices located in Detroit, Troy, Grand Rapids, Ann Arbor, Lansing, and Saginaw, Mich.; Columbus, Ohio; Las Vegas, Nev.; Nashville, Tenn.; Phoenix, Ariz.; and Washington, D.C. Dickinson Wright LLP has over 30 lawyers in Toronto, Canada.
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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