SEP IRA creditor protection
A client has a sep ira in the state of washington. If he holds a sep ira either as an individual or as on behalf of his company is he creditor protected? I do not know if it is company sponsored or not. Does this make a difference? Please clarify the rules for SEP? What type of protection do SEP’s provide?
Permalink Submitted by Alan Spross on Thu, 2012-03-29 00:48
Washington creditor protection is 100% per attached copied from leading asset protection site. This means that there is no need to use the federal bankruptcy Act provisions which require a BK filing:
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WASHINGTON
Exemption for Tax-Qualified Retirement Plans, IRAs & Roth IRAs (Note 2): 100% — Wash. Rev. Code § 6.15.020
Homestead Exemption (Note 3): $125,000 — Wash. Rev. Code § 6.13.030
Exemption for Life Insurance Cash Value from Claims of Policyowner’s Creditors (Note 4): 100% for policies payable to others. — Wash. Rev. Code § 48.18.410
Exemption for (Non-IRA / Non-ERISA) Annuity Cash Value and Payments from Claims of Owner’s Creditors (Note 5): $2,500/month — Wash. Rev. Code § 48.18.430
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