Hi Benefits Link users:
I'm wondering if I'm understanding certain creditor proection issues correctly.
If someone who lives in California rolls money to an IRA, the IRA assets can still be attached EXCEPT in bankruptcy. If a doctor were wanting creditor proection, but would be extremely unlikely to ever need to file for bankruptcy, I think the rollover IRA would be subject to general California credtior protection, something called Spendthrift amounts, that aren't that high.
If the person rolled their money to a new defined benefit plan that only he would be in, what type of creditor protection outside of bankruptcy does he get?
Thanks for any opinions!
Craig Schiller, CPC