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Retirement Plan Created for Creditor Protection Does Not Qualify as a Fully Exempt Private Retirement Plan Under California Code of Civil Procedure
Butterfield Schechter LLP Link to more items from this source
Oct. 3, 2019

"Judgment Creditor AMBS Diagnostics, LLC ('AMBS') originally sought to collect on its money judgment by levying the assets held in judgment debtor Timothy O'Brien's [Individual Retirement Accounts].... O'Brien formed a new limited liability company, had the new LLC form a 401(k) Plan, and then transferred all of the assets previously held in his IRAs into the newly formed 401(k) Plan.... [T]he Court of Appeal ruled that that the 401(k) Plan was not principally or primarily designed and used for retirement purposes, so the plan was not a fully exempt 'private retirement plan'[.]' [O'Brien v. AMBS Diagnostics, LLC, No. B288072 (C.A. 2nd, Aug. 8, 2019)]

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