O'Brien v. AMBS Diagnostics, LLC
Annotate this CaseA 401k plan that a debtor, like the one in this case, creates and controls with the avowed purpose of protecting his assets from creditors is not a plan principally designed and used for retirement purposes, thereby rendering the funds in that plan fully exempt from levy. The Court of Appeal held that debtor's transferred funds to that 401(k) plan did not negate the partially exempt status those funds previously held while in the individual retirement accounts. Accordingly, the court reversed the trial court's ruling declaring that the funds were fully exempt from levy and remanded for the trial court to assess the extent of the partial exemption.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.