ira protection bankruptcy
IRA protection from lawsuits?
Hello guys. I was wondering if anyone had an answer to this question. I’ve been investing in an IRA for about 10 years now. I heard that it is protected in the event that I ever file for bankruptcy. I also understand that if I was married that my wife could take some of it in the even of a divorce. But how about lawsuits? I heard the government these days is offering great protection for retirement accounts but I’m just curious. I would appreciate answers from anyone that has any idea on this subject. Thanks
Assets held in an ERISA account are protected against the claims of creditors. The Employee Retirement Income Security Act (ERISA) covers retirement accounts you have through work such as 401(k), SIMPLE IRA, SEP IRA, etc.
Brokerage IRA assets are protected if you file for federal bankruptcy protection. Without a filing of federal bankruptcy, whether it is protected is determined by state laws. Only an attorney in your state of residence is qualified to give you a definitive answer.
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Bankruptcy protection for IRAs and retirement plans: tracing rollovers now gains paramount importance.: An article from: Journal of Accountancy $5.95 This digital document is an article from Journal of Accountancy, published by Thomson Gale on October 1, 2005. The length of the article is 499 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Bankr… |
