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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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my wife and i have a nice nest egg non retirement investments

Resolved Question:

my wife and i have a nice nest egg
non retirement investments of 400,000
ira mine 270,000
ira hers 170,000
simple ira 90,000 mine
simple ira 30,000 hers
roth ira 15,000 mine
rotha ira 15,000 hers
3 cars no debt 40,000 no debt
house 150,000 no debt
what assets are exempt?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
Your sentence has no punctuation, so is hard to determine what you have listed. For instance, is the 400K a non-retirement investment, or your ira? Please clarify for this, and for the rest of the assets.
Thank you!
Customer: replied 6 years ago.



The $400,000 are non retirement regular investments.

The $270,000 in my IRA.

The $170,000 is my wife's IRA

The $90,000 is my Simple IRA

The $30,000 is my wife's Simple IRA

The $15,000 is my Rolf IRA

The $15,000 is my wife's Rolf IRA

We have three cars that are paid for worth about $40,000

Our house is paid for and is worth $150,000

Expert:  cfortunato replied 6 years ago.
Per Texas exemption laws, the homestead is exempt, as are the retirement accounts, and one car -regardless of the value - for each family member with a license, or who relies on someone else to drive.
However, only the first $60,000 of the non-retirement investments are exempt.

Edited by Christina Fortunato, Esq. on 8/1/2010 at 8:55 PM EST
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