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By maintaining as large a balance as possible in segregated ERISA-sponsored retirement investments for the long term, families will find asset protection that is uncommonly strong.
Upon retirement, an employee has two main options of what to do with their 401(k) assets.With an estimated net worth of 5 million, mostly from sponsorships and endorsements, Armstrong has faced several lawsuits from entities seeking to recoup their payments to Armstrong, including the U. Bankruptcy protection is the most common form of asset protection for retirement plan assets.Currently, personal retirement assets held in an employer-sponsored 401(k) plan are protected in an unlimited dollar amount against creditors in bankruptcy proceedings.Disclaimer: This article contains information on legal topics.However, the information provided is of a general nature and cannot substitute for professional legal advice.
The protection of retirement assets has played out in several real-life examples. As a result of the court’s verdict, Simpson was ordered to pay over $33 million in compensation to the Goldman and Brown families. Simpson still owns a defined benefit plan from the NFL, valued at over $4 million. J.’s $33 million liability, under ERISA law the former star’s defined benefit plan is protected from the Goldman and Brown families. While much of his net worth is still potentially exposed to the claims of creditors, Armstrong’s retirement assets are likely at least partially shielded from creditors’ claims.