Bill Text: FL H0469 | 2011 | Regular Session | Introduced
Bill Title: Individual Retirement Accounts
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2011-05-02 - Ordered enrolled -HJ 1163 [H0469 Detail]
Download: Florida-2011-H0469-Introduced.html
HB 469 |
1 | |
2 | An act relating to individual retirement accounts; |
3 | amending s. 222.21, F.S.; clarifying the exemption of |
4 | inherited individual retirement accounts from legal |
5 | processes; providing intent; providing for retroactive |
6 | application; providing an effective date. |
7 | |
8 | WHEREAS, many residents of this state have individual |
9 | retirement accounts, relying upon the Legislature's intent that |
10 | individual retirement accounts be exempt from claims of |
11 | creditors, and |
12 | WHEREAS, the Legislature clearly intended in s. |
13 | 222.21(2)(c), Florida Statutes, that inherited individual |
14 | retirement accounts included in s. 402(c) of the Internal |
15 | Revenue Code of 1986, as amended, be exempt from claims of |
16 | creditors of the owner, beneficiary, or participant of the |
17 | inherited individual retirement account, and |
18 | WHEREAS, in Robertson v. Deeb, 16 So. 3d 936 (Fla. 2d DCA |
19 | 2009) the appellate court, contrary to the Legislature's intent, |
20 | held that an inherited individual retirement account was not |
21 | exempt from the beneficiaries' creditors because such an account |
22 | was not included in property described in s. 222.21, Florida |
23 | Statutes, a decision that was followed in the Bankruptcy Court |
24 | of the Middle District of Florida, In re: Ard, 435 B.R. 719 |
25 | (Bkrtcy. M.D. Fla. 2010), NOW, THEREFORE, |
26 | |
27 | Be It Enacted by the Legislature of the State of Florida: |
28 | |
29 | Section 1. Paragraph (c) of subsection (2) of section |
30 | 222.21, Florida Statutes, is amended to read: |
31 | 222.21 Exemption of pension money and certain tax-exempt |
32 | funds or accounts from legal processes.- |
33 | (2) |
34 | (c) Any money or other assets or any interest in any fund |
35 | or account that is |
36 | owner, beneficiary, or participant under paragraph (a) does |
37 | not cease to be exempt after the owner's death |
38 | |
39 | that is excluded from gross income under |
40 | Internal Revenue Code of 1986, including, but not limited to, a |
41 | direct transfer or eligible rollover to an inherited individual |
42 | retirement account as defined in s. 408(d)(3) of the Internal |
43 | Revenue Code of 1986, as amended. This paragraph is intended to |
44 | clarify existing law, is remedial in nature, and shall have |
45 | retroactive application to all inherited individual retirement |
46 | accounts without regard to the date an account was created. |
47 | Section 2. This act shall take effect upon becoming a law. |
CODING: Words |