California Governor Signs Law Exempting ScholarShare 529 College Savings Plan Accounts From Creditors’ Judgment Claims

The California Governor Sept. 11 signed a law protecting ScholarShare 529 college savings accounts from the enforcement of money judgments by creditors for individual income tax purposes. The law includes measures: 1) adding ScholarShare 529 college savings plan accounts to the list of exemptions under California bankruptcy law; 2) increasing the statutory amounts of various exemptions to reflect the amounts of the exemptions as adjusted by the Judicial Council effective April 1, 2019; 3) exempting money held in an account owned by the judgment debtor and established pursuant to the Golden State Scholarshare Trust Act subject to specified limits; and ...