How to keep my father’s IRA from creditors
My 80 year old father has a traditional IRA worth considerably under $1 million.
If he is sued by creditors, what is the danger to the money while it remains in the IRA?
What is the danger to the required minimum distribution?
What is the danger to his heirs?
If the money is not safe, is there anything we can do?
Permalink Submitted by Alan Spross on Mon, 2011-04-25 21:36
Assuming the creditors are not a former spouse or the IRS, IRA protection is a state specific situation with default to the federal bankruptcy Act provisions if necessary. You might start by looking up his state IRA protection status from this link:
http://www.creditorexemption.com/