Have Legal Questions? Ask a Lawyer Now.
Welcome! Thank you for your question. I am happy to answer you but need a bit more information.
Is this asset that is being divided as part of a Qualified Domestic Relations Order (QDRO)?
Also, please let me know, when you say "pension" you mean a monthly income benefit only. This is not a 401K or anything that would allow her to take a lump sum, correct?
That is correct, this is part of a QDRO. She has the option to take 10% as a lump sum, and then receive reduced monthly payments, or just receive payments with no lump sum. This pension is from a carpenter's Union pension, not a 401K
She is NOT required to demand it in 3 months. The extra help program will consider the pension as part of her income when she is required to begin drawing it at age 65. If she waits to begin drawing it at age 65 then the income distributions from the pension will be included in her income for purposes of determining her eligibility for extra help benefits at that time.
To qualify for Extra Help, your annual income must be limited to $16,755 for an individual.
I cannot provide you with legal advise. I can provide you with information about the law related to your question. My answer, and any information that you can find online, should not take the place of having a detailed consultation with a lawyer in your area to advise you regarding your specific issues.
Please show your appreciation for my candid, accurate information by clicking VERY INFORMATIVE, OR the OR and positive feedback. You should only rate me if you are satisfied with the information I provided you. If you feel there is something more I could have done please do not rate me and click REPLY TO EXPERT.
I appreciate your question and repeat customers. You can request me by beginning your question with "Dear XXXXX..."