Good afternoon! I have an elderly couple who have asked me the following question: He is ill, and will not be able to continue his part time job. She is worried that if he gets hospitalized or is forced to go to a nursing home, the medical bills/hospital bills will come to her and she will be forced to pay with her IRA money, which she will need to supplement his income. Can they seize her IRA funds if this is all she will have left (aside from the SS) to supplement income? Thank you for your time,
Billie
1 Answer from Attorneys
Generally IRA (Individual Retirement Arrangements) structures are exampt from collection or execution through their ERISA status. However, banks keep coming up with new savings schemes. All new IRA structures have to be individually covered by the Missouri Legislature, to exempt as ERISA savings plans. So, if it isn't a ROTH IRA or some other new type, the funds are probably protected from her husband's creditors. If she is at all worried, she should have a local attorney look at her IRA documents to determine if her arrangment is protected.
Good luck
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