I have a 401k account with a former employer. I am considering rolling it over into an IRA.
I have heard that one downside of doing this is protection from a legal judgment.
I heard that a 401k is considered a retirement plan and cannot be used to pay if I am sued and loose. On the other hand, an IRA is an asset that can be seized to pay the judgment.
Anybody know if that is true and does it vary by state?
Thanks In Advance