if i made contributions that fall under the above definitions and there are no other assets other than a separate protected ira and i subsequently closed and spent subject 401k, can they go after the protected ira? this is not a bankruptcy but a judgment creditor looking for assets. what would their actions be?the answer given was what amount, the law as i read it is any amount, am i interpreting that wrongly as any amount whatsoever, even consistent with prior years?
The judgment creditor could attempt to prove that it was a fraudulent conveyance and an attempt to evade creditors.
You do not say how big the contribution was or whether or not this was a contribution that you regularly make. If it one that is ordinary and routine you should be ok. On the other hand if it clearly demonstrates that you made the contribution simply to avoid creditor you may have a problem from several prospectives.
Unless I am missing something in the question, IRAs are protected from creditors. Period.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline