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April 23, 2013

IRA Bankruptcy Limit Increase


Under The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, assets held in IRAs are exempted from bankruptcy up to $1 Million. This limit is adjusted to reflect changes in the consumer price index every three years on April 1. Effective April 1, 2019, the limit is $1,362,800 (increased from $1,245,475).

For more information , see Bankruptcy Protection for IRAs



Keep Learning

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Designated Beneficiary

Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of  a qualified plan account, 403(b) account, 457(b) plan or IRA,

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