Beneficiary Savings Account - Judgment Creditor?
A relative of mine wishes to name me as a beneficiary to their hoard side. This is surrounded by the State of New York. I'm afraid that if I ever receive a verdict against me that the result creditor will be capable of hijack the tale. Note that I would own no access to this money unless my relative died. I would never be a co-owner of the description contained by anyway. Are my concerns correct? I don't want to place my relative within any jeopardy on description of any financial problems I may enjoy coming. In other words, while my relative is alive and using the narrative I don't want it levy if I crumple surrounded by duration.
Answers:
Before the relative dies, this is not your money, and your creditors can not claim against it. Once the relative dies, the money will become yours and the story change. If this is a retirement tale (IRA) it is protected against creditors in most cases, even when you own it.
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Answers:
Before the relative dies, this is not your money, and your creditors can not claim against it. Once the relative dies, the money will become yours and the story change. If this is a retirement tale (IRA) it is protected against creditors in most cases, even when you own it.