One of the last options left for real asset protection would be a 401k with multiple participants in CA. It's not good enough because you only get to put in $18,000 or so a year. Anyone know if I'm correct on this?
So confused on this. I've just read that IRAs are protected up to 1.2mil on here:
http://www.nolo.com/legal-encyclopedia/ ... ssets.html
But it mentions a federal bankruptcy exemption in a state that doesn't allow them! The same article even states that CA doesn't allow federal bankruptcy exemptions. Even articles on this issue are wrong and can't be relied upon.
It says under 704.115. http://www.leginfo.ca.gov/cgi-bin/displ ... 10-704.210
I just read a court case where a guy had a family with kids and near retirement age was hit with a multi-million dollar judgement where he wouldn't be able to even pay off the interest in his lifetime if he tried. They took his entire IRA except $1,500 to pay taxes. IRAs seem to offer ZERO protection in some states.(a) are exempt only to the extent necessary to provide
for the support of the judgment debtor when the judgment debtor
retires and for the support of the spouse and dependents of the
judgment debtor, taking into account all resources that are likely to
be available for the support of the judgment debtor when the
judgment debtor retires. In determining the amount to be exempt under
this subdivision, the court shall allow the judgment debtor such
additional amount as is necessary to pay any federal and state income
taxes payable as a result of the applying of an amount described in
paragraph (3) of subdivision (a) to the satisfaction of the money