Under existing law, the Uniform Probate Code provides that a qualified trust may not be assigned or alienated, voluntarily or involuntarily, and is exempt from any bankruptcy or insolvency laws. A qualified trust includes as an Individual Retirement Account (IRA), but does not include a Roth IRA.
This bill would include a Roth IRA under Section 408A of the Internal Revenue Code as a qualified trust under this law.
Read for the first time and referred to the Senate committee on Banking and Insurance
Motion to Read a Third Time and Pass adopted Roll Call 788
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature