Credit 101: Where to Hide Your Money from Creditors, and the IRS

One of the best places to hide your money is an ERISA qualified retirement plan.  Not only can you keep some of your money & credit safe, but you can also earn a tax-advantaged return on the money.  The money in your retirement account is protected from liability lawsuits.  Additionally, your retirement account might have some protection from bankruptcy and creditors (not always, though).
Even the IRS is reluctant to levy against your retirement account.  The IRS does have the ability to access any money that you have access to (so if you can’t withdraw from your account for whatever reason, the IRS can’t require the assets in the account), but in many cases officers are slow to move against your retirement account, even if they could.

 

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