The Estate & Asset Protection Law Firm Founder, Victoria L Collier Explains That IRAs Are Often, But Not Always Protected From Lawsuits
DECATUR, GA, June 27, 2018: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new blog on her law firm’s website entitled “If You Have Assets Other Than An IRA You Need An Asset Protection Plan.” Ms. Collier urges readers to consider asset protection planning as necessary as having a will.
Collier writes, “Most people rarely think of setting up an asset protection plan.” She continues adding, “It is much more common for the majority of people to establish wills in order to distribute whatever assets remain after one passes. However, it is much less common to consider an asset protection plan to keep your assets from being drained by an unexpected lawsuit.”
“I’ve made the distinction of assets outside of an IRA,” Collier states, “because IRAs are protected by federal law from most lawsuits. Under the Bankruptcy Abuse Prevention Act of 2005, up to $1million of a defendant’s IRA will be protected.” “However,” she adds, “if you owe child support or back taxes to the IRS, you’re out of luck. Domestic relations lawsuits will lift IRA protections anywhere you reside within the country.”
Collier points out, “If you have a home and a couple of vehicles, those are the items that will be at stake in a lawsuit. You could end up losing everything if your assets are not protected.”
The entire blog can be read at https://www.elderlawgeorgia.com/if-you-have-assets-other-than-an-ira-you-need-an-asset-protection-plan/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.