For a rollover IRA, what jurisdictional law determines non bankruptcy exemptions from creditors?

Asked 12 months ago - Rowlett, TX

If I live in Texas, but my rollover IRA fund is in Massachusetts (Fidelity), for determining applicable non-bankruptcy creditor exemptions, which law applies? Texas or Mass. or something else?

Attorney answers (2)

  1. Peter Walter Weston

    Pro

    Contributor Level 17

    1

    Lawyer agrees

    Answered . This asset is considered owned at your residence, so it does not matter where the fund office is.

    General legal advice is offered for educational purposes only. A consultation with a qualified attorney is... more
  2. Michael J Corbin

    Contributor Level 20

    2

    Lawyers agree

    Answered . The rules of where you live apply - the account's "location" is irrelevant as you have no control over that. So, if you take a rollover and are looking to exempt the property, it would be where you live (or, where you were sued, if that's in a different state).

    We can be reached at 507.334.0155 (Toll Free: 888.777.5009). Our web address is: www. corbin-law-office.com.... more

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