ira protection in michigan

Submitted by mike collins on Tue, 2011-05-31 19:07

Is my IRA protected from creditors in bankrupcy and lawsuits in the state of Michigan.. If so is there a limit?



Submitted by Alan Spross on Tue, 2011-05-31 19:36

See the chart. IRAs are 100% protected unless the law has been changed recently. Changes do not occur very often. Note that the non ERISA qualified plans are deferred comp plans, executive bonus plans, and certain life insurance plans:

http://www.creditorexemption.com/

Submitted by mike collins on Tue, 2011-05-31 21:06

Thank you for your response.. Does that include lawsuits and not just bankrupcy

Submitted by Alan Spross on Tue, 2011-05-31 21:12

Yes, bankruptcy is not required except in states that do not protect IRAs and then the IRA owner has to fall back on the federal bankruptcy Act protection.

Of course, no type of creditor protection provides immunity from the IRS or from marital settlements,

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