Creditor protection for an IRA
Massachusetts client. I understand that his 401k is protected from creditors by Federal law and that IRAs are protected from bankruptcy up to $1,000,000. My question is the following. Is his IRA in Massachusetts protected by either Federal or State law from creditors – not bankruptcy? If so, up to what amount?
Permalink Submitted by Alan Spross on Mon, 2012-01-23 21:47
According to this asset protection site, protection without filing for BK in MA is very limited. 7% of the last 5 years of income is a very limited amount:
http://www.assetprotectionbook.com/forum/viewtopic.php?f=142&t=1566