[CLBS] claiming exemption in wages even if they were deposited in 529 Plan?

[Randy French]

Jon

At some point, the wages lose their character as wages.  See the attached
decision.

Is there a reason why the funds are not exempt as a 529 college savings plan
within the language of 11-604A(4):  The term "employee benefit plan" also
means any rights accruing on account of money paid currently or in advance
pursuant to a college savings program described in chapter 54, title 33,
Idaho Code.


Thanks.
Randy French

Law Office of Randal J. French, P.C.
Attorneys at Law
AP.O. Box 836 PBoise, ID 83701 B(208) 859-6881  

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-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Jon Wilson
Sent: Tuesday, November 29, 2016 2:50 PM
To: clbs at admws.idaho.gov
Subject: [CLBS] claiming exemption in wages even if they were deposited in
529 Plan?

Can a debtor claim earnings deposited in a 529 Plan (529 Plan which allows
funds to be withdrawn by the debtor) and which are traceable to debtor's
"disposable earnings" (11-206) be claimed 75% exempt under 11-605(11)?

 

Thanks ahead of time for all insight you can provide.

 

Jon

Jon R. Wilson

Attorney at Law

 

Wilson Law Offices, P.C.

4614 W. Emerald St.

Boise, ID 83706

Tel. (208)343-8400

Fax (208)424-5006

Email:  jon at boiselaw.org <mailto:jon at boiselaw.org> 

 

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