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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41221
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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1. Under what authority do you conclude that IRAs are not somehow

Customer Question

1. Under what authority do you conclude that IRAs are not somehow protected from suit.?
2. Does the location of the land matter for all U.S code provision?
3. Explain: If for some reason the buyer chooses to file suit in the US over a breach of contract--- then Roth IRA accounts are most definitely able to be pursued if a judgment is obtained. And then--- The seller cannot use Roth, Traditional, 401K plans, or any other qualified plan to somehow protect himself from the judgment, those funds are able to be pursued if a judgment is obtained.
Submitted: 4 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 4 years ago.
Zev.

I do appreciate you requesting me again. I believe I have answered this question in your other post. Kindly review and if satisfied, positively rate my responses. There is no need to keep opening the same questions over and over as that may create multiple billing charges.

Sincerely,

Dimitry, Esq.
Customer: replied 4 years ago.
Sorry, I did not receive your answer . Would you kind to reply to my questions again?
Expert:  Dimitry K., Esq. replied 4 years ago.

Zev,

Thank you for your follow-up. I see that the answer was read about 30 minutes ago. I will repost it below.

1. Under what authority do you conclude that IRAs are not somehow protected from suit.?
Under federal law. IRAs are not exempt from collections. The previous professional already provided you with relevant statutory authority and I happen to agree with him completely in this instance.

2. Does the location of the land matter for all U.S code provision?
No. If a judgment is obtained and domesticated in the US, then the judgment can be pursued wherever the defendant is located.

3. Explain: If for some reason the buyer chooses to file suit in the US over a breach of contract--- then Roth IRA accounts are most definitely able to be pursued if a judgment is obtained. And then--- The seller cannot use Roth, Traditional, 401K plans, or any other qualified plan to somehow protect himself from the judgment, those funds are able to be pursued if a judgment is obtained.
Yes, correct. Typically 'In Rem' (real property) actions that deal with land are pursued in the state or jurisdiction where the property is located. But the US does have federal courts for diversity jurisdiction and if the parties are in different jurisdictions and the matter in controversy is $75,000 or more, federal courts can hear the case. But picking proper venue is generally up to the plaintiff unless the venue is somehow invalid. Plus, if the agreement had a choice of law clause that pointed to US jurisdiction, then US state courts would be able to hear the case as well.

Good luck.

Customer: replied 4 years ago.



My last word- under inheritance rule- the governing jurisdiction is the RESIDENCE STATE NOT THE FEDERAL LAW. IS YOUR ANSWER BEING THE SAME4 IF I CREATE A TRUST?
Expert:  Dimitry K., Esq. replied 4 years ago.

Zev,

The answer is the same. Federal courts, if they are the ones used to hear the matter in controversy, take upon and utilize state substantive law when they do so. (For example a federal court in California would use California law to evaluate the process). The trust does not necessarily protect from collections if the trust is irrevocable, it can be broken and the fund pursued.

Good luck.