Double Dipping On Retirement Savings

Any time you can double your savings and protect your money from creditors is a good time of the year. The period between New Years and Tax Day is my favorite time of the year, just for that reason. You can make contributions to your IRA last year AND contribute to this year’s IRA allowance. You get a scoop of last year’s tax benefits, topped with a scoop of this year’s tax break. You don’t have to be filing bankruptcy for this to be important.   But, this trick is a favorite of mine when I have my bankruptcy-lawyer hat on. IRAs in bankruptcy My goal is to maximize the asset value a bankruptcy client can keep through the case. Everyone in bankruptcy can protect over a million dollars in IRA  savings.  Not that I’ve seen an IRA anywhere near that number.  But Congress says IRA savings are a good thing, and beyond the reach of your creditors. And I’ve never faced challenge from a bankruptcy trustee when a client…

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