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Retirement accounts are a major asset. How can they be protected from creditors?

April 26, 2017ASSET Creditors protected retirement accounts

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Retirement accounts are a major asset. How can they be protected from creditors?

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We must divide retirement plans into ERISA-qualified and non-qualified. ERISA qualified plans are retirement accounts under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA pension or profit sharing plans are spendthrift trusts. Their beneficiary cannot gift, anticipate or encumber the plan’s principal or income. Non-qualified plans include IRA’s, Roth IRA’s and SEP IRA’s.