hello all, i had some really good advice from you all last time so here goes again.my Dad left money when he died in a profit sharing plan, I recieved totals for 41,811.34 originally. he died in april. this company then fire's the lady doing all the paper work and hired new company to do final documents. i recieved them yesterday and it was 11,000.00 dollars less with no explaination as to why.I know the market crashed and I am thinking that this could possibly be the reason but not sure, is there something I should ask them for before I sign off on this. thats alot of money..a huge difference.if he was totally vested and died before the market crash, is this money safe or what?please someone help. I can not afford a lawyer or legal person. I am dividing this money between 3 other siblings.
This is about right on the drop- most portfolios lost about 35-45% of their worth with the major market correction. I would divide up according to shares and not sell your shares if possible. That way over time they would have an opportunity to rebound before you exercised them. I don't know what your restrictions are though. Good luck.
I used to deal with my company 401K plan, and maybe this was taken for tax purposes, which is usually 20-25%. Not sure if this is the case but just a thought.
I agree with the below. And yes, in October, we saw a 35-40% drop in the stock markets (the Dow lost 700 points in 1 day). You may wish to have the portfolio reviewed by a financial advisor.
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I agree that this is a "typical" loss amount with the recent market crash. However, they should be able to show you which funds/stocks the plan was invested in so that you can verify. And it's also good advice to check out your options as far as cashing in now or waiting. You have an investment decision, yes, but you may also need tax advice if you have the option to cash in now or later. Good luck!
