I received an email question concerning protection of IRAs from judgments. The questioner asked whether Florida law protected an IRA owned by a Florida resident that was administered in a financial account opened and maintained by the office of a financial institution located in a state other than FloridaMy first reaction was that the IRA was protected because the applicable Florida statute does not require that the IRA account be maintained in Florida or that IRA assets be situated in Florida. Also, I know of know case which required that Florida residents maintain their IRA in Florida in order that the IRA be protected from creditors. To be sure, I check with “Professor” Alan Gassman, Esq., who is the premier scholar on Florida asset protection law, and Alan agrees we me. Therefore, I can believe I can state with reasonable certainty that an IRA owned by a Florida resident is an exempt asset regardless of where the IRA account is opened
Last updated on May 22, 2020