Main Line 844-469-3904

« Mortgage Underwriting: Asset Depletion | | Roth IRA Conversions Benefits »

11/05/2014

Retirement Accounts: Creditor Protection?

Keep my money

Often clients are looking for ways to protect there assets from creditors and have questions about whether their IRA provides any protection.

The answer is that retirement accounts are protected from creditors to varying degrees under state and federal bankruptcy laws. This includes most IRA accounts.

However, there is one situation that has recently been changed that investors should understand. Recently the U.S. Supreme Court case of Clark vs. Rameker, June 12 2014, held that Inherited IRA's are NOT protected in bankruptcy. The ruling was made after the court decided that Inherited IRA's are not retirement accounts and thus not eligible for creditor protection.

 

Comments

Feed Follow this conversation by subscribing to it here.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment



123