Latest news with #QDRO
Time of India
06-07-2025
- Sport
- Time of India
'Fake judge' - Michael Jordan's former teammate makes shocking claim about $170,000 Child Support fraud
Former Chicago Bulls champion Horace Grant alleges a $170,000 child support fraud, claiming his pension account was unjustly frozen. Speaking on the 'Child Support is Fraud' podcast, Grant revealed that a Qualified Domestic Relations Order was used to deny him access to his funds. He further accused the judge overseeing the case, Erin M. A former teammate of Michael Jordan , Horace Grant, who was a four-time champion too, shared shocking details about $170,000 Child Support Fraud. Because of this alleged fraud, his pension account was frozen, leaving him cash-strapped. Grant talked at length about it on the Child Support is Fraud podcast. Among other details explained was a shocking claim about the judge who oversaw the child support case proceedings. According to Grant, the judge was the same one who decided his divorce proceedings. He went on to claim that the judge was fake. Horace Grant has a corpus of $170,000 in his pension fund. He can't use a penny of it because it is frozen by a child support agency on the pretext of a QDRO (Qualified Domestic Relations Order). He claimed that the law was bypassed to 'steal' his pension money. Horace Grant, ex-teammate of Michael Jordan, calls judge 'fake' in a recent revelation about his Child Support case View this post on Instagram A post shared by ColorsTV (@colorstv) Horace Grant appeared on the Child Support is Fraud podcast and spilled the beans on how a child support agency defrauded him and denied him access to his pension fund. Expressing deep resentment at how the scene unfolded, Grant vehemently opposed the authority of the judge who was responsible for the decision. He went to the extent of calling her 'fake.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esse novo alarme com câmera é quase gratuito em Colombo (consulte o preço) Alarmes Undo Michael Jordan & Horace Grant won three NBA championships together (Image Credit: Getty Images) Here is what he shared about how he got defrauded by the child support agency: 'This is what the child support agency tried to do to me. It's called a quadro, Qualified Domestic Relationship Order. They went after my pension.' Elaborating further, he said, 'Here's the kicker. Here's the kicker. If they don't have a signed affidavit by a judge, in 180 days, the quadro is void. Here's the catch. 180 days pass. No judge sign. They didn't have anything. Next thing you know, two weeks later, there's a judge sign, and we got to keep it frozen.' Unfolding the drama around the case, he further shared, 'Guys, take a guess who was that judge. Her name is Erin M. Childs. Was in my divorce. She was the fake judge in my divorce.' When the interviewer asked him if everything he claimed was real, he said, 'Facts. And I got receipts.' As per this revelation, Horace Grant was not supposed to part with money as the stipulated 180 days had passed, and the Child Support Agency had not obtained the required signature of a judge on the affidavit. So, as per Grant, he was unlawfully denied access to the pension fund. Also Read: Height does not matter to excel in basketball, say NBA stars The conversation was a part of the segment of the undated podcast Child Support is Fraud. Whether the judge was really fake or if Grant was calling her so sarcastically is not clear from the video. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here. Game On Season 1 continues with Mirabai Chanu's inspiring story. Watch Episode 2 here.
Yahoo
05-07-2025
- Entertainment
- Yahoo
Horace Grant On How Child Support Takes His 17-Year NBA Pension
Horace Grant On How Child Support Takes His 17-Year NBA Pension originally appeared on Fadeaway World. Horace Grant, the four-time NBA champion best known for anchoring the Chicago Bulls' defense alongside Michael Jordan, has opened up about a financial and legal battle that he says nearly destroyed his retirement. In an appearance on the 'Child Support is Fraud' podcast, the 17-year NBA veteran revealed how a legal maneuver involving his pension blindsided him, even years after his playing days ended. Advertisement "This is what the child support agency tried to do to me. It's called a QDRO, Qualified Domestic Relations Order. They went after my pension." "Here's the kicker. Here's the kicker. If they don't have a signed affidavit by a judge in one hundred eighty days, the QDRO is void. Here's the catch. One hundred eighty days passed. No judge sign. They didn't have anything." "Next thing you know, two weeks later, there's a judge sign and we've got to keep it frozen. Guys, take a guess who was that judge. Her name is Erin M. Childs. Was in my divorce. She was the fake judge in my divorce." Grant, who earned nearly $68 million during his NBA career and averaged 11.2 points and 8.1 rebounds per game, shared that his retirement funds were frozen due to what he describes as an improper legal order known as a QDRO, Qualified Domestic Relations Order. Advertisement These orders are commonly used in divorce proceedings or child support enforcement to divide retirement plans. But according to Grant, the agency overstepped the legal deadline. The judge who signed the order, according to Grant, was Erin M. Childs, a judicial officer who was involved in his earlier divorce. Grant claimed she was a 'fake judge,' though this assertion appears to stem more from the podcast's host, Lionel 'TJ' Tillman, than established legal fact. Tillman, who champions the controversial belief that child support is legally fraudulent, regularly uses the term 'fake judge' to describe family court officers presiding over administrative hearings. Grant didn't specify which of his children or former partners this dispute involved. Advertisement Over the years, his personal life has included two marriages, a child support battle with a woman named Ann Gore, and fathering eight children with three different women. Though many of those children are now adults, Grant implied that the financial strain from past child support obligations continues to echo into his retirement. The former power forward, who played for the Bulls, Magic, Lakers, and SuperSonics, didn't just shine on the court with nearly 13,000 career points and 9,443 rebounds, he also faced off-court challenges that highlight a recurring pattern in pro sports: athletes earning millions, only to later be hampered by complex financial, legal, and personal circumstances. Whether or not the judge's signature violated a legal deadline is something that has yet to be independently confirmed. However, Grant's emotional testimony adds to a growing chorus of athletes who've claimed their fortunes were reduced or drained by child support rulings. NBA names like Dennis Rodman and Latrell Sprewell have made similar complaints in the past. Advertisement Grant's story is a cautionary tale not only about the legal system but also about the importance of managing personal affairs and finances after retirement. For many former stars, the hardest battles begin after the final buzzer sounds. Related: Michael Jordan Gifted 6 Championship-Winning Sneakers To One Person This story was originally reported by Fadeaway World on Jul 5, 2025, where it first appeared.
USA Today
21-06-2025
- Business
- USA Today
Dump your spouse, not your assets: 7 tips for surviving 'gray divorce'
For a midlife man or woman trapped in a failing marriage, a 'gray divorce' can bring liberation. And financial ruin. A man can expect his standard of living to decline by 21% after a gray divorce. A woman's standard of living will plunge by 45%. Both partners see their wealth decline by half. Despite those perils, the divorce rate has doubled since 1990 for Americans over 55. Women are more likely to initiate a gray divorce, researchers say. They also tend to fare worse financially after the split. Here are seven tips for managing your finances in a gray divorce, from AARP and other expert sources. Don't expect the same lifestyle after a gray divorce In a divorce, spouses typically split their assets. After the breakup, however, don't expect your monthly expenses to go down by half. Each partner will now likely face separate housing payments, utility bills and insurance premiums. 'It's really starting over with basic financial planning 101,' said Michelle Crumm, a certified financial planner in Ann Arbor, Michigan. The lifestyle adjustment can be especially brutal for women, who often stay in the family home, but with a vastly diminished income. 'And they can't afford the house, and they can't afford the three pets that they have,' said Niv Persaud, a certified financial planner in Atlanta. Don't get hung up on the family home In a common gray divorce scenario, one partner keeps the home and gives up a trove of other assets to stay there. That can be a mistake, experts say. Homes aren't the same as money in the bank. They're costly to maintain. The partner who gets the home can wind up house poor. 'A lot of times, people want to stay in the family home for sentimental reasons,' said George Mannes, executive editor at AARP The Magazine. 'But it can be a trap.' Remember: You're still going to retire Retirement savings loom large in gray divorces. 'Generally speaking, what most people have is retirement accounts and equity in their home,' said Monica Dwyer, a certified financial planner in West Chester, Ohio. Just like the family home, retirement accounts 'tend to elicit strong emotions, particularly from the spouse whose name is on the account,' Diane Harris writes in an AARP report on gray divorce. In divorce, a couple's collective retirement savings may be redistributed into equitable shares, one for each partner. But how that works depends on where you live. In any of nine 'community property' states, the court splits the assets down the middle, according to Investopedia. In more numerous 'equitable distribution' states, the court divides the assets equitably, but not necessarily down the middle. Financial planners strongly recommend that divorcing couples complete a qualified domestic relations order, or QDRO. It's a legal document that spells out how retirement savings are divided. The form 'can be great,' Dwyer said, as a tool for dividing other assets in divorce. A spouse who receives funds under a QDRO generally doesn't pay a tax penalty for withdrawing them. Don't assume all assets are equal When divorcing spouses are deciding how to divvy up assets, a financial adviser can play a crucial role in divining what different assets are actually worth. For example: $500,000 in a bank account is more valuable than the same amount in a 401(k). Why? Because the retirement savings have not yet been taxed as income, and withdrawing them early can trigger a penalty. By the same token, $500,000 in a Roth IRA is worth 'a ton more' than the same amount in a traditional IRA, Crumm said: The Roth funds have already been taxed. Diamonds are forever. Alimony is not. Alimony is generally awarded in divorce to a spouse who earned less, to help them keep up the lifestyle they enjoyed during marriage. Alimony can be awarded more or less permanently, or until a spouse dies or remarries. But that arrangement is becoming far less common, AARP reports. While details vary from state to state, alimony 'is now typically designed to last just long enough for a lower-earning spouse to figure out how to become self-supporting,' Harris writes. Crumm, the Michigan financial planner, counsels her clients to save 'a good chunk' of their alimony payments. 'Alimony probably doesn't last forever,' she said. 'The person who's receiving the alimony is at a disadvantage if they aren't planning well. When that ends, it's a cliff.' Don't fight over prized possessions Many divorcing couples wage protracted feuds over cherished possessions: Keeping a favorite painting for yourself, or punishing your ex-spouse by taking it away. For a divorcing spouse who really wants to antagonize a sports fan, 'you go after the football tickets,' Crumm said. She has seen couples spar over seats at Michigan Wolverines games. When spouses can't agree on who gets what, the judge decides, and that scenario often doesn't end well. 'You're punishing yourself when you go to court, really,' Dwyer said. A better solution, she said, is to divide marital assets through mediation or 'collaborative law,' striving for a settlement outside of court. Get on with your life You aren't just divorcing your spouse: You're also divorcing yourself from their finances. Take care to remove a former spouse from your financial accounts, experts say. Change beneficiary designations on investment accounts and insurance policies to ensure your ex doesn't inherit your stuff by mistake. A divorcing spouse may need to rebuild their credit, especially if most accounts were in the ex's name. 'Be extra careful about credit cards that you have shared,' said Mannes of AARP. 'Make sure your spouse doesn't keep the account open.' It's also a good idea to monitor your credit report, Dwyer said, to make sure a former partner's history doesn't muddy your own. 'Your ex does have your Social Security number,' she said. 'If we're talking about somebody who had a problem with gambling, if we're talking about somebody who has a spending problem, then you want to lock everything down, split everything up.'
Yahoo
21-04-2025
- Business
- Yahoo
Ask an Advisor: Where Should I Put the $110k I'm Getting from My Divorce to Avoid Taxes and Medicare Increase?
SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. I'm getting $110,000 from a 401(k) through a divorce QDRO. Where should I put the money to avoid excess tax and IIRMA implications? I'm 70 and my only income comes from Social Security. – Ran You have a few options, but be mindful that the tax impact and IRMAA implications of each won't necessarily be the same. You can avoid taxes by rolling the distribution into an IRA. This also helps prevent your Medicare premiums from rising, at least until you begin withdrawals. This will prevent your Medicare premiums from spiking, as well as taxation-at least until you begin withdrawing money from that IRA. A financial advisor can help you navigate situations like this one. who serves your area. When you receive a distribution through a Qualified Domestic Relations Order (QDRO), you can choose how to receive it. Taxation of your QDRO distribution can vary based on how you take the distribution. Because you are the former spouse, you have the option to roll over the QDRO distribution into an IRA in your name. This is no different than if you were rolling your own 401(k) over into an IRA. These rollovers do not trigger taxes because you're just moving the money from one tax-deferred account to another. You don't include the rollover amount as part of your income. You are only taxed on withdrawals in the year you take them. If you choose to take the QDRO distribution as a lump sum and deposit it into your checking account, the full amount will be taxed as ordinary income in the year you receive it. This is because the funds are no longer held in a tax-deferred account. (And if you need additional help managing distributions from a divorce, consider working with a financial advisor.) The Income-Related Monthly Adjustment Amount (IRMAA) increases your premiums for Medicare Parts B & D. It applies when your modified adjusted gross income (MAGI) surpasses certain thresholds. It's good that you are thinking about this, but I don't think it's something that is going to affect you. Here's why: For starters, if you roll the QDRO distribution into an IRA, your MAGI will not increase. That's because the rollover isn't included in your income. It does mean that you'll have to consider whether future withdrawals could push you into IRMAA territory. If you're living on Social Security and avoid large IRA withdrawals, IRMAA is unlikely to be an issue. This assumes you do not have another large retirement account balance that you haven't started withdrawing from yet. (Some financial advisors can offer tax-planning advice. to see if they can meet your specific needs.) If you take the distribution as a lump sum, however, you could initially trigger IRMAA. The first IRMAA level starts for Medicare beneficiaries who file individual tax returns when their MAGI hits $106,000 in 2025. A second IRMAA threshold begins when an individual's MAGI reaches $133,000. Also keep in mind that IRMAA operates on a two-year delay. Assuming this QDRO applies to 2025, that means it would potentially affect your Medicare premiums in 2027. Regardless, there are certain exceptions to IRMAA when you experience a qualifying life event. Divorce qualifies as one. If you get an IRMAA increase notice, you can submit Form SSA-44 to challenge it. The form tells Social Security about your life event and asks them to use a more recent tax year to recalculate IRMAA. (A financial advisor who specializes in retirement planning can help you build an income plan that potentially avoids or minimizes IRMAA.) As long as you roll the distribution into an IRA, you won't have an immediate tax liability from the money. You also won't see an increase in your Medicare premiums, assuming you don't withdraw all of the money immediately. But even if you take the lump sum and have a big tax hit, you still may not be subject to IRMAA if you submit form SSA-44. Instead of a fixed percentage each year, adjust withdrawals based on market performance and portfolio balance. Approaches like the "guardrails strategy' or flexible spending floors can help avoid premature depletion during downturns while allowing more spending in strong market years. This makes retirement income planning more responsive and resilient over time. A financial advisor can help you build an income plan based on your assets, goals and financial needs in retirements. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Are you a financial advisor looking to improve your marketing? SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice's marketing operation. Get started today. Photo credit: © of Brandon Renfro, © © The post Ask an Advisor: Where Should I Put the $110k I'm Getting from My Divorce to Avoid Taxes and Medicare Increase? appeared first on SmartReads by SmartAsset.
