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I have been reading about the exceptions to asset seizure. Would your assets be safe in a seizure action by the courts?
We all read that OJ's pension could not be seized. What about the assets that provide your retirement income?
If you have a stock portfolio that is your major source of retirement income, that would be wiped out in a court action against you.
The Enron executives, found culpable, are losing everything.
But those with a qualifying annuity may be safe.
"In 1992, the Supreme Court made a landmark decision (Patterson v. Shumate) relative to the rights of creditors to tax qualified savings subject to the Employee Retirement Income Security Act (ERISA). Basically, the court held a person's qualified plan assets are protected from creditors in bankruptcy. Many commentators imply that this is the final word on the topic."
"If your annuity contract is part of a pension or qualified retirement plan,then many of the states provide substantial or even total protection of those assets from your creditors."
Might be a reason to look more closely at an annuity even though it would be more costly.
boont
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