Newport Beach Asset Protection: Using Private Retirement to Protect What You’ve Earned

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If you live in California and have been a resident for more than a year, you may want to consider taking advantage of a private retirement plan. A private retirement plan is not like a 401(k) or a Roth IRA. It offers benefits that its counterparts cannot, and it’s worth discussing with your estate planning lawyer in California.

Choosing a retirement savings fund can be a tough choice, but in tough economic times and many unsavory characters in the lending business as well as predatory lenders laying in wait for people to slip up, protecting your retirement earnings has never been more important.

A private retirement plan has much better protection when creditors come knocking. Because what it held by a private retirement fund is considered “essential to your retirement,” the protection it offers is a definite upgrade from an IRA, which will only protect your assets to a certain degree and in specific circumstances.

But there’s news about private retirement funds that make them even sweeter: if you don’t have one set up yet, you may do so… and you can transfer monies and other assets from your IRA into your new private retirement plan and the assets will be protected after the transfer is complete.

Conversely, if you have an existing private retirement plan and you’d like to marry it into your IRA, you may do so, and the assets from the private retirement plan will still have the same protection it did before, so long as there is a paper trail that proves the assets were initially within the private retirement plan. You can work with your asset protection lawyer in Orange County to ensure you have all the proper documentation on file.

It’s food for thought and can offer a great deal of protection and can also avoid “fraudulent transfers” during tough times. It’s worth your time to discuss it with an experienced California business transactions attorney.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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