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Category: Tax
Satisfied Customers: 12704
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am a retired person , can the state of mi. seize any money

Customer Question

I am a retired person , can the state of mi. seize any money that I have invested in stocks if I default on my creditors . I am 77 yrs old . I bought these stocks from the proceeds of my social security & retirement pension . The reason is because we cannot meet our bills .
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...There ARE protections for Social Security and pensions, themselves (cannot be garnished by creditors)....And there are some protections for social and pensions once deposited into depository institutions (regular banks)...But, I'm sorry, once you invest in capital assets such as stocks, land, other real estate, equipment, etc. thos specific protection aren't there any more....HOWEVER, for a creditor to access those there would have to be a lien placed. And before that happens, there would have to be a creditor judgment in a state court....And even then, (depending on who the creditor is, they may not want to go through the expense and trouble of enforcing - called executing - those liens)....
Expert:  Lane replied 1 year ago.
I hope you’ll rate me (using those stars, or faces on your screen, and clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. …Otherwise, I’m working for no crediting here at all.. …But if there’s something you don’t understand, or you need clarification, please let me know…Thank you!Lane……I hold a law degree, (concentration in Tax Law, Estate law & Corporate law), an MBA, (specialization in finance & tax), as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.
Expert:  Lane replied 1 year ago.