The Internal Revenue Code defines an IRA as an individual retirement account/ annuity which was acquired because of the death of another person when the recipient was not the surviving spouse. The Judicial Code protects retirement funds and accounts from attachment or execution by judgment creditors. Until recently, Pennsylvania Courts had not addressed whether inherited IRAs were subject to that protection. In June, the Pennsylvania Supreme Court denied an appeal from a January 2022 ruling by the Superior Court of Pennsylvania regarding Inherited IRAs. The issue arose in an Allegheny County garnishment action and was eventually presented before the Pennsylvania… read more »
PA Judgments Must Be Revived
A “judgment holder” or “judgment creditor” is the person or entity that obtains a judgment against a “judgment debtor.” The ultimate goal of many lawsuits is to win a monetary judgment against the other party. However, the judgment holder might not automatically receive payment once a judgment has been obtained. In Pennsylvania, there are certain requirements for reviving a judgment in order to ensure that you do not lose your rights as a judgment holder. A judgment issued by a Magisterial District Justice or MDJ expires after 5 years if nothing is done. A judgment at the county Court… read more »
