|
 |
 » From: Bakersfield, CA Dear TaxMama: I have a SEP-IRA. I am self employed. No other employees. If I someone sues me and wins, is my SEP-IRA protected in any way? Sincerely, Joe Dear Joe, No, it is not. So, don't do anything to get yourself sued. Incorporate and set up a retirement plan that is operated by your company. You are quite eligible for the new one-person 401k. That would be protected. Stay tuned for the next article in this issue of Ask TaxMama - Personal 401(k). It will explain how that new investment works. Or speak to your financial planner. If you don't have someone to do that, talk to Bruce Drooks, JD, email: Brucetax at aol dot com. He can set it up for you. Not only do you get to put more money away, you even get to borrow against it. Incidentally, if you're seriously concerned about being sued, incorporate or set up an LLC, depending on what is best for your business. Best wishes, Eva Rosenberg Your TaxMama  |
 |
 |
|
 |
|