What type of expert should I seek?

UPDATED: Sep 30, 2022

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What type of expert should I seek?

I want to withdraw 401k funds to purchase a second home – for personal use, not
for rental or other income purposes. I would like to minimize tax effect of this
action. Do I need to talk to a real estate attorney, a tax attorney, a general
attorney, a CPA, a CFP, or other professional?

Asked on June 27, 2016 under Real Estate Law, Tennessee


B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There are attorneys who are CPA's.  Start with one of those so they can review legal and tax consequences with you at the same time.  Any financial adviser is going to remind you of the risk of withdrawing funds from your 401k.  You have potential tax hits, you will potentially be tied to an employer trying to repay the loan, and there may be other financing options that are safer and more cost effective. 

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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