If I caused a car accident and my ins isnt coverage all the injuries and damage

UPDATED: Oct 1, 2022

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If I caused a car accident and my ins isnt coverage all the injuries and damage

So can the other parties come after my
checking account and Ira. What is the
best way to protect my money. I live
inSt Louis Missouri. Please advise.

Asked on May 16, 2018 under Accident Law, Missouri


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There really is no way now to protect assets: any transactions, transfers, etc. you do after you know that will be or likely be sued and/or otherwise am liable to pay someone will be viewed as a transaction done to defraud (basically cheat) creditors and can be voided (set-aside or undone). You really need to take steps to protect assets *before* you know you may be liable for something (i.e. set things up "just in case"). 
Yes, they can come after you checking account. No, they cannot come after your IRA--it is protected. But once you remove money from it, they could try to get that money: the proctection is only while the money is in the IRA. So don't take money out of it uncessarily; take out money (assuming you are eligible to do so) only as needed and spend it right away instead of keeping it around.

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