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My son (Under 18) was recently in an auto accident that he was at fault in. Nothing criminal, just a mistake. The other parties were injured, probably not severely, sore neck, back, that sorta of thing. The problem is that his limits are rather low. So the question is, if the other occupants decide to go for the money, is his Coverdell education account vulnerable? If so, what can I do to prevent him from losing it. I have quite a bit of money in there.
Thanks
No, they cannot go after the funds in a educational savings account.
Thanks Racks,
Can you (or anybody else) provide me a link to a page that discusses this subject.. I have done quite a few searches and haven't found any information.
Asset protection laws vary by state. Which one are we talking about? Are you living in the same state that the account is purchased in?
Everything has been done in California. How does that help/harm my situation?
Thanks,
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