IRA protection with bankruptcy
Did the SECURE act change anything? What protection exists for IRAs with bankruptcy? and does it matter what product type it is held in…MF vs VA?
Did the SECURE act change anything? What protection exists for IRAs with bankruptcy? and does it matter what product type it is held in…MF vs VA?
Permalink Submitted by Alan - IRA critic on Wed, 2020-03-18 20:08
Secure did not affect bankruptcy protection for IRAs. This is still determined as before, primarily by the state of domicile of the IRA owner. States that provide limited protection may fall under the federal Bankrutpcy Act of 2005, in which contributary IRAs are protected up to about 1.5 m, and rollover IRAs without dollar limit, but filing BK is still a requirement. No difference between annuities and other assets in the IRA.