K 3 Spouse
Mathis, Regazzi & Associates, LLC Immigration Law
Sponsored by: IN THE CIRCUIT COURT OF THE FOURTH JUDICIAL CIRCUIT OF THE STATE OF FLORIDA, IN AND FOR NASSAU COUNTY, FLORIDA GENERAL CASE Civil Division No: 09-CA-492 DIVISION: A Way AMELIA community development district, a local unit of special purpose government organized and existing under the laws of the State of Florida, the plaintiff, v.
The most notable difference between the efforts by way of the use of a car outside investment directed traditional IRA is the only standards that apply to the first. The simple rule is that an IRA (specifically) can not buy life insurance or collectibles (such as carpets, art, alcohol, precious metals).
The more involved rule known as "I do not deal" and is described in the Internal Revenue Code section 4975. This rule basically says that for any retirement plan or account, is a list of "disqualified persons" with which the plan can not do business. DQPs These include:
1. The per participant account holder and any other fiduciary (person who makes investment decisions for the plan)
2. Companies providing services
3. A member family of # 1 or # 2 above (family defined as spouse [wife], ancestor [parents, grandparents, etc], direct descendants [children, grandchildren, etc], and spouses of lineal descent)
4. A company (or other entity) which is 50% or more owned (directly or indirectly) by # 1, # 2, # 3 above
5. An officer, director, owner of 10% or more, or highly compensated workers # 4.
6. A 10% or more (in the capital of the profits) partner or joint venturer of # 4 above
Each self-directed IRA/401 (k) investor must make this DQP list before making any investments.
Too many people seem to think of the list as only "the account holder and his family." As you can see there is a little more complicated than that. This does not require calculus, but in fact it should write the list step by step to ensure that it is complete. This list can actually get very wide if you, a member of his family or any person who serves your plan has the property of several companies.
So what is a prohibited transaction?
In short, when a submission DQP with a plan is a prohibited transaction (abbr "PT"). The trick here is what is considered a "transaction". This is generally defined in IRC 4975 as when one of the following occurs between a plan and DQP directly or indirectly:
* Sale, exchange or lease of real
* Loan of money or extension of credit
* Furniture of goods, services or facilities
So I think that to be the rule. There are a couple of special rules and they consider a PT also include:
* When plan assets are transferred to or used by the creation of benefits a DQP
* When the account holder / participant directs his plan in their own interests (for the benefit of it now instead of through a proper distribution)
* When the account holder / participant receives no compensation plan in connection with the income or assets
The reason I call these last three items of "special rules" is because beyond the 50% rule in determining whether companies are DQPs. In other words, if XYZ Corporation is owned 49% by the mother of the account holder then XYZ Corp is not a techinically DQP. Buuuuuut, if the plan is negotiated with XYZ Corp, it is clear that the transaction might violate one of these special rules, simply because you can not ignore the mother, position in XYZ Corp was probably considered in deciding to pilot the scheme in that transaction.
In all, a little common sense goes a long way. The intent of IRC 4975 is obviously to maintain the operational plan linked to people DQPs the # 1 and # 2 might be able to control or used as strawperson. So clever concoctions seeking to avoid prohibited transactions rules on a technicality often continue to violate the last 3 special rules. It comes down to intent, and this is something that DOL (Department of Labor – the government only agency with responsibility and authority to interpret expemtions prohibited transaction) concludes on the basis of assembly of a fact pattern.
So the "directly or indirectly" part of the standard allows them to let common sense override technical standards. It also means that if a plan invests in an entity (Corp, LLC, etc.) and invested with the entity disqualified person may still be a PT. More on that (the rule of plan assets) in a rank forward.
In short, each self-directed IRA/401 (k) investor should make a list of disqualified person before making any transaction involving the plan. With view of this is on par with an adolescent and review does not take a budget because he believes they can learn and apply the concepts without actually taking the budget. Once this list, prohibited transactions can easily be prevented if the plan is not involved in any agreement with any person connected to DQP list.
Can u update a K-1 visa a K-3 visa (which went ahead and got married before the approval of the K-1)?
If my boyfriend U.S. Citizen requested a K-1 pathways, but went ahead and married outside the U.S. before the fiancee visa was approved. So we can upgrade / renew / change / etc (not sure what term should be used) to the K-3 visa application (which I think is made by a spouse)? Please advise me on what my options, what is the approx. time frame, so thank you!
Well, the K-1 can not be upgraded to a K-3. when you married, essentially canceled the visa K-1 since this person is no longer her boyfriend. Fred S is correct. Presentation of a new K-3 probably will not save much time at all. In any event, must submit the I-130 for your spouse, even if you have a K-3.
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