Creditor Protection
We have a single client ( age 66 ) who has $ 100,000.00 in an IRA and $ 50,000.00 in a Brokerage Account. He also has credit card debt totaling over $ 200,000.00 ( don’t ask ).
His question is: Should he decide not to make any further payments toward the debt, can the card companies go after the IRA or is it a protected asset?
Permalink Submitted by Alan - IRA critic on Thu, 2018-09-20 22:52
What state does he live in? And if he plans to move soon, what state will he move to?
Permalink Submitted by Richard Ernst on Thu, 2018-09-20 23:57
New York. No plans to relocate.
Permalink Submitted by Alan - IRA critic on Fri, 2018-09-21 00:18
The IRA is fully protected in NYS per NY Civil Practices law and rules Sec 5205(c).