Fla. Man Can't Shield IRA In Bankruptcy, 11th Circ. Says

Law360 (June 27, 2019, 4:53 PM EDT) -- A Florida man cannot shield his individual retirement account from creditors in bankruptcy proceedings because he used the funds to buy cars and real estate in contravention of the retirement plan's rules, the Eleventh Circuit has ruled.

Keith Yerian violated his contract with IRA Services Trust Co., which prohibited using the plan's funds and assets for personal benefit, and Florida law require IRAs to be maintained in accordance with their own regulations in order for them to be protected from creditors, a panel of three judges said Wednesday.

Yerian "forfeited his exemption when he engaged in self-dealing transactions prohibited by the...

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