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Permalink Reply by Harry Clay on August 10, 2011 at 10:24am

I believe it depends as to whether the retirement funds are in a "Qualified Plan", & also whether the funds have actually been distributed, plus variances in individual state laws.

http://nationalloanresolutionservices.com/uploads/Protected_Assets_...

You may remember, after the OJ civil trial, the Goldman's couldn't touch the pension funds from OJ's retirement account.

Why not ask a local CPA licensed in your state?

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Permalink Reply by Bryant Tutas on August 14, 2011 at 8:13am

Going out in the newsletter today

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Permalink Reply by Roy Chambers on August 14, 2011 at 9:10am

I have not heard of a lender forcing a seller to pay from any retirement funds. However if you have a sale that may have tax implications & your seller is trying to prove insolvency by IRS standards in order to avoid the taxes they do use retirement funds to calculate that.

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Permalink Reply by Dean E Eshelman on August 14, 2011 at 2:09pm

Absolutely yes it is protected. An IRA is a qualified plan. It is not subject to forfeiture in judgements nor is in an asset available to a trustee in bankruptcy.

 

Dean Eshelman, CPA

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