401k better protection than an IRA
have client with a million in his 401k. He was just let go by his employer
Is the protection from creditors the same with a 401k as with an IRA or does the 401k have more protection?
Thank you,
Douglas
have client with a million in his 401k. He was just let go by his employer
Is the protection from creditors the same with a 401k as with an IRA or does the 401k have more protection?
Thank you,
Douglas
Permalink Submitted by Alan - IRA critic on Wed, 2019-07-24 03:19
It depends on the state of domicile. In many states, the IRA creditor protection is about equal to that of a qualified plan. In other states, IRA creditor protection is limited and/or the person might have to file for BK to secure creditor protection.