Florida governor signed into law H.B. 469, which amends Florida Statutes § 222.21(c) to provide that inherited IRAs are protected from claims of creditors of a debtor beneficiary – H.B. 469, 2011 Leg. (Fla. 2011)

On May 31, 2011, Florida Governor Rick Scott signed H.B. 469 into law. The law amends Florida Statutes § 222.21(c) to clarify the Legislature’s intent that inherited IRAs are exempt from claims of creditors of the owner, beneficiary or participant of the inherited IRA. The law is remedial in nature and has retroactive application to all inherited IRA accounts without regard to the date an account was created. Additionally, the law should protect inherited IRAs in both state court and bankruptcy court.