401k, looking for a lawyer to help set it up

13 Replies


What are you seeking from an attorney?

Quest has provided you, I am assuming, with a set of Solo 401(k) plan documents.  If you have taken those plan documents to Solera and opened a trust account for your Solo 401(k), then you have a functional plan.

Of course, the key to operation and usage of a Solo 401(k) is having access to appropriate guidance, so that you understand what you have, how to administer the plan, and what you can and cannot do as far as executing plan investments so as to remain within the IRS rules.  Does Quest not provide such resources? 

@Alan Faitel

If you don’t want to do a “prohibited transaction” then by all means get a tax attorney and heed the advice.  You should identify what your goals are and what you plan to do and then ask for the “best” approach.  There are books available written by attorneys available as well. PM me if you still need some attorneys contact information. There are some professionals in the BP community that may also be able to provide the advice you seek. 

@Alan Faitel

If you are self-employed with no full-time, W-2 employees, you can open a solo 401k plan. Otherwise, if you have full-time employees, a full-time employer plan can be opened but will need to be offered to W-2 employees.

@Alan Faitel

For legal advice, you'll need an attorney. But for general guidance on operating your Solo 401k plan, a good plan provider should be able to help. In my opinion, this is a major disadvantage to setting up a Solo 401k with most custodians. Feel free to PM me if you'd like some contact information for knowledgable attorneys.

@Alan Faitel

when you take a participant loan from the 401k there will be a promissory note. Your plan provider should assist you with this. Mortgage is an instrument used to secure the note, if you were buying a house, borrowing money for the purchase there would be a mortgage or a Trust Deed securing lender's interest, it is not applicable for the 401k participant loan.