Legal Question in Civil Litigation in Florida
exposure of IRA
Ineed a definitive answer. Are IRA acounts exposed to lawsuits resulting from auto accidents in Florida
1 Answer from Attorneys
Re: exposure of IRA
It is hard to provide a definitive answer to a question without knowing all the facts of the circumstance you find yourself in. Some people think they have a qualified IRA when in fact they do not. Generally, though, someone suing another for injuries caused by an auto accident cannot force the sale of a retirement or profit sharing plan. Florida Statutes 222.21 provides the exemption. The statute states as follows:
(2)(a) Except as provided in paragraph (b), any money or other assets payable to a participant or beneficiary from, or any interest of any participant or beneficiary in, a retirement or profit-sharing plan that is qualified under s. 401(a), s. 403(a), s. 403(b), s. 408, s. 408A, or s. 409 of the Internal Revenue Code of 1986, as amended, is exempt from all claims of creditors of the beneficiary or participant.
(b) Any plan or arrangement described in paragraph (a) is not exempt from the claims of an alternate payee under a qualified domestic relations order. However, the interest of any alternate payee under a qualified domestic relations order is exempt from all claims of any creditor, other than the Department of Children and Family Services, of the alternate payee. As used in this paragraph, the terms "alternate payee" and "qualified domestic relations order" have the meanings ascribed to them in s. 414(p) of the Internal Revenue Code of 1986.
Related Questions & Answers
-
Answer a Summons I need form(s) to answer a Summons in Lake County, Florida Asked 12/29/06, 10:33 am in United States Florida General Civil Litigation
-
Legality Celeb Tennis Photos in Club Display I photograph Professional Tennis... Asked 12/25/06, 12:12 pm in United States Florida General Civil Litigation