IRA questions

[Boscoe]

I have 2 IRA questions:

1) If you have an IRA at a bank with whom you have a credit card, can the bank take the IRA? I would think not, but what are the options? Can you withdraw the IRA and deposit into a new bank within the 60 days? Doesn't that constitute a closed account?

2) Are all IRA's, including traditional and Roth, now exempt assets? I don't always receive the same answer - I know there was some confusion with the old law, but now?

[SinkingFast]

You need to read the fine print of your CC agreement with your bank.

Many banks include a Cross Collateralization clause in their loan agreements. If you default on a loan or LOC, the bank can take the money from other accts. I know they can from checking and passbook type savings. Not sure about IRA's, CD's and the like.

When in doubt, ask an attny. I'd suggest you get 3 Consults. Generally Consults are free and you can learn a lot.