A Safer Retirement and Environment – What We’re Implementing to Help Keep You Safe: READ MORE

Here at Asset Preservation Capital, LTD, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone call.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Asset Preservation Capital, LTD
(248) 649-4759

By Sarah Brenner, JD
IRA Analyst


I have a question about an IRA split between my husband and me. I got half of his retirement IRA and I was wondering if I am responsible for the taxes if I was to withdraw the funds. Also, if I didn’t want all the funds in the account before I opened it, could I tell the custodian to give me a portion and put the rest in? If I could, would I be charged a penalty of 10%?

Thank you


Handling an IRA in a divorce can be complicated. If you are awarded part of you ex-spouse’s IRA, the correct way to proceed is to directly transfer the IRA funds to an IRA in your name. This is a non-taxable transaction. If you then take distributions from this IRA, those distributions will be taxable to you. They will also be subject to the 10% early distribution penalty if you are under age 59 ½.


I just made my SEP contribution for the 2018 tax year. Can I convert these funds? If so, can I do it immediately or is there a waiting period?



Hi Justin,

SEP IRA funds are available for conversion to a Roth IRA. There is no waiting period, so you can go ahead and convert those funds as soon as you want.