Spouse’s IRA at risk to creditors?
Are the assets held in the IRA of a spouse at risk during a lawsuit? I have a client whos occupation puts him at significant risk of being sued. His wife is worried about the safety of her IRAs. They live in a community prperty state (Nevada). Her IRA balances exceed the state’s exemption amount.
Permalink Submitted by Alan - IRA critic on Mon, 2014-08-11 23:11
Best to direct this inquiry to an estate attorney licensed in NV. There are probably several variables that would affect her exempt amount including how much her IRA community property can be attached for a spouse’s debts. It might be half the amount over 500k or some other calculation.