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Protect Retirement Funds from Creditors

By: Seymour Goldberg

Keep Funds Rolled Over in a Segregated IRA

The new bankruptcy law makes funds held in employer-sponsored qualified retirement plans immune from creditor claims in unlimited amount?and extends the same treatment to funds from such a plan that are rolled over into an IRA. But other ?regular? IRA funds and the earnings on them are exempt only up to $1 million.

Safety: Keep funds rolled over from an employer plan in a segregated IRA that holds only those funds. That way, no matter how many years pass and how high your IRA balances rise, you will always be able to identify those funds as being protected in full.

 

Seymour Goldberg, Esq., CPA, Goldberg & Goldberg, PC, 1 Huntington Quadrangle, Melville, New York 11747, www.goldbergira.com.
Original Published date: Originally Published in Tax Hotline on 09/05 page 14 Disclaimer: ?The Bottom Line Publications publish the opinions of leading authorities in many fields. The use of these opinions is no substitute for professional services to suit your specific personal needs. Always consult a competent professional for answers to your specific questions.? Permission Statement: Reprinted with the permission of: Boardroom, Inc. and Bottom Line Publications 281 Tresser Blvd. Stamford, CT 06901 www.BottomLineSecrets.com

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