Yerian v. Webber

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The Eleventh Circuit affirmed the district court's order upholding the bankruptcy court's decision to deny an exemption to pension money and certain tax-exempt funds or accounts, including IRAs under Fla. Stat. 222.21. The court held that debtor forfeited his exemption when he engaged in self-dealing transactions prohibited by the IRA's governing instruments. In this case, debtor conceded that he incurred over one hundred thousand dollars in tax penalties for abusing his IRA, but nonetheless sought to shield the IRA from distribution to his creditors. View "Yerian v. Webber" on Justia Law