Sw3tflower
Member
California
My husband of 25 years, just handed me a document to sign "Profit Sharing Plan & Trust Beneficiary Designation". We live in California.
It states "Under this Plan, the surviving spouse of a deceased Participant is generally entitled to a "surviving spouse's benefit" equal to the Participant's vested account balance at the time of death."
He names me the beneficiary.
Does signing this document change anything about my rights according to Calif law? I'm worried.
He has a private practice, APC, and recently an LLC. The LLC has not made a profit......just the opposite, we are nearly bankrupt because of it. It is not in my name and I have no rights to it. I also do not want it's debts, or his Corporation's debts.
Our daughter has just had to drop out of college because he cannot afford to help her financially.
I do not trust him so need to know why now? Would this make me responsible for his debts? Or am I responsible whether I sign or not?
I don't understand since this is a community property state why I would need to sign it.
Does the LLC debts have anything to do with it?
Thank you for any information you can give me
My husband of 25 years, just handed me a document to sign "Profit Sharing Plan & Trust Beneficiary Designation". We live in California.
It states "Under this Plan, the surviving spouse of a deceased Participant is generally entitled to a "surviving spouse's benefit" equal to the Participant's vested account balance at the time of death."
He names me the beneficiary.
Does signing this document change anything about my rights according to Calif law? I'm worried.
He has a private practice, APC, and recently an LLC. The LLC has not made a profit......just the opposite, we are nearly bankrupt because of it. It is not in my name and I have no rights to it. I also do not want it's debts, or his Corporation's debts.
Our daughter has just had to drop out of college because he cannot afford to help her financially.
I do not trust him so need to know why now? Would this make me responsible for his debts? Or am I responsible whether I sign or not?
I don't understand since this is a community property state why I would need to sign it.
Does the LLC debts have anything to do with it?
Thank you for any information you can give me