No. of Recommendations: 1
1) Retirement accounts are generally untouchable in bankruptcy proceedings. While this may look like a remote possibility for you now, financial situations can change drastically on a dime

The majority of bankrupcy proceedings start not because someone was foolish with their money but because of a health emergency which leaves a huge bill, even INSURED people can get caught by this.

CNN's Anderson Cooper had a good piece recently about a guy, with insurance, went to ER with trouble breathing and 4 days later the hospital let him go and sent him a bill for over $450,000.

Could he have forseen this? No. Did he have insurance? Yes.

America's health care system is downright scary. I hope hospitals can't get at my 401K either.

As we accumulate, I wonder if it wouldn't be prudent to see a lawyer and get more of our assets stashed away into 401K's, IRA's, LLC's or Trusts for this very reason. Maybe Mittens had a good idea storing all his money in the Bahamas and burying his tax returns. Surely there's something the non-billionares among us can do, though.

SG "wanting to cover my assets"
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