What is the protection for an IRA against liability lawsuit in Massachusetts?
1 Answer from Attorneys
Depends on how everything shakes out. Ultimately you will want to take distributions from your IRA, and those distributions can be granished. Depends on the peristence of the judgment creditor. If you try to discharge the liability in bankruptcy, you need to elect between federal exemptions and state exemption, so you might protect your IRA and leave other assets exposed. Bottom line this is way too hypothetical a question to give you a real answer. Best luck. Regards, JBS