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Old 09-17-2004, 12:08 PM   #1
SuperTool
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Default Can your IRA and 401k funds be seized if you are sued?

Like if someone sues you for $1M and wins, and you have money in 401k, is that money safe?
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Old 09-17-2004, 12:10 PM   #2
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Default Can your IRA and 401k funds be seized if you are sued?

I know they can put a lien on any property you own, wage garnishments, etc. etc. I doubt retirement funds would be exempt.
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Old 09-17-2004, 12:11 PM   #3
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: KLin
I know they can put a lien on any property you own, wage garnishments, etc. etc. I doubt retirement funds would be exempt.
that would be my thought. an asset is an asset.
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Old 09-17-2004, 12:12 PM   #4
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: KLin
I know they can put a lien on any property you own, wage garnishments, etc. etc. I doubt retirement funds would be exempt.
but when you take away a man's retirement savings, you take away his life. how can you do that?
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Old 09-17-2004, 12:17 PM   #5
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Default Can your IRA and 401k funds be seized if you are sued?

But didn't OJ avoid having to pay a lot of money because his money was in retirement savings?
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Old 09-17-2004, 01:02 PM   #6
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Default Can your IRA and 401k funds be seized if you are sued?

what did you do this time??!
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Old 09-17-2004, 01:06 PM   #7
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: welst10
Quote:
Originally posted by: KLin
I know they can put a lien on any property you own, wage garnishments, etc. etc. I doubt retirement funds would be exempt.
but when you take away a man's retirement savings, you take away his life. how can you do that?
You're kidding?
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Old 09-17-2004, 01:07 PM   #8
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: m2kewl
what did you do this time??!
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Old 09-17-2004, 01:08 PM   #9
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Default Can your IRA and 401k funds be seized if you are sued?

Even though that sucks...sounds about right
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Old 09-17-2004, 01:24 PM   #10
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Default Can your IRA and 401k funds be seized if you are sued?

OJ went to florida where his pension was protected. Other states do not do this
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Old 09-17-2004, 02:15 PM   #11
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Default Can your IRA and 401k funds be seized if you are sued?

I belive that IRA and 401K assets are pretty much protected from any creditors other than the IRS. But I have no data to support that at the moment.
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Old 09-17-2004, 03:23 PM   #12
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: NogginBoink
I belive that IRA and 401K assets are pretty much protected from any creditors other than the IRS. But I have no data to support that at the moment.
Confirmed (I work in a huge collection/law firm)
You can not touch any retirement funds period.
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Old 09-17-2004, 03:38 PM   #13
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: Homerboy
Quote:
Originally posted by: NogginBoink
I belive that IRA and 401K assets are pretty much protected from any creditors other than the IRS. But I have no data to support that at the moment.
Confirmed (I work in a huge collection/law firm)
You can not touch any retirement funds period.
So how much a debt would enable a creditor to sue? They're not gonna sue for $200, are they?
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Old 09-17-2004, 10:39 PM   #14
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: m2kewl
what did you do this time??!
Nothing. Was watching this morning finance program, and this guy calls in about how the IRS was raiding his trust, and the commentator said he didn't set it up right or IRS wouldn't be able to raid it.
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Old 09-17-2004, 10:41 PM   #15
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Default Can your IRA and 401k funds be seized if you are sued?

Quote:
Originally posted by: NogginBoink
I belive that IRA and 401K assets are pretty much protected from any creditors other than the IRS. But I have no data to support that at the moment.
True.
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Old 09-17-2004, 10:43 PM   #16
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Default Can your IRA and 401k funds be seized if you are sued?

A related question, aside from IRA and 401k, can I designate my money as "retirement" to make them off limits?
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