Posts Tagged ‘execution’

Inherited IRAs are Not Protected from Judgment Creditors

access_time Posted on: September 2nd, 2022

The Internal Revenue Code defines an IRA as an individual retirement account/ annuity which was acquired because of the death of another person when the recipient was not the surviving spouse.   The Judicial Code protects retirement funds and accounts from attachment or execution by judgment creditors.  Until recently, Pennsylvania Courts had not addressed whether inherited IRAs were subject to that protection. In June, the Pennsylvania Supreme Court denied an appeal from a January 2022 ruling by the Superior Court of Pennsylvania regarding Inherited IRAs.   The issue arose in an Allegheny County garnishment action and was eventually presented before the Pennsylvania… read more »