albedo wrote:My only concern is that I’ve read that IRAs are not as safe as ERISA accounts are from litigation.
bobbyrx wrote:Most of these very useful links refer to protection from bankruptcy but how does this overlap with protection from creditors without bankruptcy as an exempt asset as a result of litigation? Is an rollover IRA protected from creditors up to $1 million as a result of Federal legislation that supercedes individual State law? I think there is but I am not sure- anyone?
albedo wrote:Kaneohe --Thanks for the tip on more descriptive phrasing of titles; the keyword “protection” would have been better, as you and tetractys both suggest. I’m sort of new around here and have much to learn. I hope other potential contributors aren’t also skipping over the thread.
Thanks for the tip on more descriptive phrasing of titles; the keyword “protection” would have been better, as you and tetractys both suggest.
bobbyrx wrote:From reading the various links, I have tentatively concluded that Federal law protects rollover IRAs from creditors in bankruptcy while many, but not all, states "opt-out" and protect rollover IRAs from creditors completely, not only in bankruptcy.
Am I correct?
albedo wrote:I have an ‘orphaned’ 403b account with Vanguard that I’m considering rolling over into a traditional IRA. Among the benefits of doing this are qualification for Admiral shares and tax benefits of a ROTH conversion next year.
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