Comments on: Can I be sued for my IRA? http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/ Moving beyond the basics Mon, 01 Dec 2008 17:45:37 +0000 http://wordpress.org/?v=2.2.2 By: Rob http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-30811 Rob Mon, 14 Jul 2008 03:21:14 +0000 http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-30811 I just thought it would be worth adding that I think that this is an area that is still being litigated - as creditors have every incentive to try to create exceptions and favorable law in states that would protect the assets of individuals from them. I just thought it would be worth adding that I think that this is an area that is still being litigated - as creditors have every incentive to try to create exceptions and favorable law in states that would protect the assets of individuals from them.

]]> By: can ira be taken in a lawsuit - Dogpile Web Search http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-30700 can ira be taken in a lawsuit - Dogpile Web Search Fri, 11 Jul 2008 00:52:49 +0000 http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-30700 [...] defense team. Sponsored by: www.Michigan-lawfirm.com &#149 Found on Ads by Yahoo! Advanced Personal Finance " Blog Archive " Can I be sued for my IRA? In my example, what if all of my $150,000 in assets is in an IRA. Can it be seized? ... the answer [...] […] defense team. Sponsored by: www.Michigan-lawfirm.com &#149 Found on Ads by Yahoo! Advanced Personal Finance " Blog Archive " Can I be sued for my IRA? In my example, what if all of my $150,000 in assets is in an IRA. Can it be seized? … the answer […]

]]> By: Christine http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-29388 Christine Fri, 27 Jun 2008 14:49:33 +0000 http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-29388 Thanks for the informative post. Not a lot of people are aware of what assets are protected, and I would hope that this would encourage others to continue investing in their retirement funds knowing that they are likely to be exempt from a lawsuit. FYI - we're in Texas and have been told by a finance professional that retirement accounts are protected, which was confirmed by your link. Thanks for the informative post. Not a lot of people are aware of what assets are protected, and I would hope that this would encourage others to continue investing in their retirement funds knowing that they are likely to be exempt from a lawsuit.

FYI - we’re in Texas and have been told by a finance professional that retirement accounts are protected, which was confirmed by your link.

]]> By: Chief Family Officer http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-28363 Chief Family Officer Tue, 17 Jun 2008 02:47:49 +0000 http://advancedpersonalfinance.com/can-i-be-sued-for-my-ira/#comment-28363 This is an interesting question, and one that I hadn't considered before. Since I live in California, I looked up the Code of Civil Procedure statute and what I got out of it was this: Your IRA and other retirement accounts are protected to the extent that you need them to survive during retirement. So as I understand it, if you're retired and getting, say $1000 per month from retirement accounts but you only need $800 for living expenses, that $200 per month is recoverable. The actual numbers would be determined by the court after it heard evidence on how much is really needed for living expenses. What the statute doesn't discuss is the protection for someone who's not yet retired, like me. I would have to research the case law to see how they do the calculations for someone who's got 25 to 30 years til retirement, but that's for another day. This is an interesting question, and one that I hadn’t considered before. Since I live in California, I looked up the Code of Civil Procedure statute and what I got out of it was this: Your IRA and other retirement accounts are protected to the extent that you need them to survive during retirement. So as I understand it, if you’re retired and getting, say $1000 per month from retirement accounts but you only need $800 for living expenses, that $200 per month is recoverable. The actual numbers would be determined by the court after it heard evidence on how much is really needed for living expenses. What the statute doesn’t discuss is the protection for someone who’s not yet retired, like me. I would have to research the case law to see how they do the calculations for someone who’s got 25 to 30 years til retirement, but that’s for another day.

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