So this means if I chose system 2 they can take my IRA?
Thanks sorry if Im just not getting this...must be lack of my extra hour sleep lol
Thanks sorry if Im just not getting this...must be lack of my extra hour sleep lol
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If you choose system 2, you can use the wildcard exemption to exempt a portion of your IRA. It all depends upon what other assets you have that need to be covered with the wildcard.Originally posted by ready2puke View Post
Every case is different, I don't know how it will specificly work out for you.Comment
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ok now Im really worried..I have property in Mexico which part of it was paid for in my IRA. I thought I could use my exemption 20k plus my IRA to keep the property exempt.
Crap!Comment
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What do you mean it was paid for in your IRA? Please clarify? If you used funds you withdrew from your IRA to pay for the property, it is no longer an IRA, it is real property.Comment
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I know its confusing, most folks including attorneys dont know that you can buy property anywhere in the world in your IRA, Keogh, 401k...I did NOT take out any money in my IRA, I just used it to pay for a portion of the propery. Im hoping the Trustee might not want to hassel trying to sell propery in Mexico which I may add is not selling right now. Part of it is in my IRA kinda like a trust and the rest was paid with cash.
Here is the link to the co. that does this. They have been around a good long time
Here is the link
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I went to the link, read through a little of the site. I have never heard of this and I hope the trustee doesn't consider it a red flag for you. I am at a loss, I have never run into this before.
Sorry, no answers here.Comment
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Im sure it'll be interesting....Im not filing until early next year. That and the large bal. transf. A business thats failing and Im screwed.Comment
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I guess you just wait and see. Good luck to you.Comment
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Wait a minute. So are we saying that in California if you choose plan 2, the wildcard will only exempt your IRA, 401K etc up to the wildcard exemption? And thus you can't use the wildcard for another purpose? Now I am conflicted. The impression I got from the attorney was that your retirement funds was 100% exempt and you can use the wild card for other exemptions.Comment
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Your not alone in that boat...Im confused as hell now too..But it looks that way. All I have in the world is that damn IRA and the property.
Thats what I was trying to figure out..System one says no wildcard but IRAs are exempt. System 2 says 21k wildcard with no mention about IRA's...Comment
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To make things even more interesting...the IRA which holds the property is really held by Entrust Group and they act as a trust and Im the beneficiary. It really irked me way back when I made the purchase. Kinda like I didnt have much say and they were the owners and I was the back end guy.. Now tho it may just work to my advantage since its held in their name ( like a trust). Am I making any sense here...Im thinking the trustee may not be able to conficate it since its held in a trust
Feeling alittle better now that I remembered that, but I know this will be a fight when I do file.Comment
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Beneficiary, payable when? What happens if you were to go to them tomorrow and say you want your money out? Maybe it isn't your asset at all.Comment
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Whoops I think I have this backwards.
Entrust Group is the benefiiciary not me.Originally posted by ready2puke View PostComment
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Looking here http://www.thebankruptcysite.org/exe...alifornia.html it shows retirement accounts as basically exempt for plan 2 as well.Comment
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