$1 million IRA protection agains all creditors?
Is the $1 million contributory protection and unlimited rollover protection good for all general creditors or just bankruptcy?
Is the $1 million contributory protection and unlimited rollover protection good for all general creditors or just bankruptcy?
Permalink Submitted by Alan Spross on Sat, 2007-12-01 05:35
The protection under the bankruptcy act requires the taxpayer to file BK in a federal BK court. This would not be necessary if taxpayer lived in a state that fully protected IRAs.
The confusing issue here is that states have the ability to “opt out” of the federal rules and substitute their own, so the protection can apply differently from state to state.
See att’d:
http://www.assetprotectionbook.com/state_resources.htm