Page 16 THE EVERETT ADVOCATE – FRiDAy, JunE 6, 2025 EVENTS | FROM PAGE 10 Asset Protection Concerns with IRA’s T he Employment Retirement Income Security Act (ERISA) protects assets held in a qualifi ed retirement plan from the reach of creditors. What about IRA’s? Are they a protected asset? The trend in recent years has been to bring IRA’s in line with qualifi ed plans in terms of protection against creditors. contribute to an IRA is $7,000. For anyone 50 years or older, the additional catch-up contribution is $1,000. These same limitations apply to Roth IRA’s. Individuals who receive compensation (e.g. W-2 income), In Patterson v. Shumate, 504 U.S. 753 (1992), the Supreme Court ruled that an interest in an ERISA qualifi ed trust is excluded from a debtor’s bankruptcy estate. In Rousey v. Jacoway, 544 U.S. 320 (2005), the Court ruled that Individual Retirement Accounts (IRA’s) are similarly exempt. Subsequently, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 amended the Bankruptcy Code to provide that IRA’s and Roth IRA’s are exempt up to certain limits that are adjusted every three years. The latest update in March of this year brought the level of protection up to $1,711,975. In Massachusetts, under Mass General Laws, Chapter 235, Section 34A, amounts that have been rolled over from a qualifi ed retirement plan into an IRA are protected from all creditors’ claims other than those connected with divorce, child support, or criminal penalties or restitution. This is exactly the same degree of protection as is provided by the statute for qualified plans. If you roll money from your 401(k) plan into an IRA account that includes non-ERISA contributions, the liability protection level will not be unlimited. Liability protection will be limited to $1,711,975. This is an example of a co-mingled IRA account. IRA contributions other than rollovers made during the 5-year period preceding the IRA owner’s declaration of bankruptcy are protected only to the extent of an amount equal to 7% of the individual’s income during that 5-year period. For the calendar year 2025, the maximum amount you can including alimony, that is includible in gross income, are entitled to make contributions to Traditional or Roth IRA’s per the SECURE Act of 2019, regardless of age. Previously, the age limit was 70 ½. When you or your spouse are an active participant in a qualifi ed retirement plan, the deduction may be reduced or even eliminated depending on how high your adjusted gross income is. You need to make the contribution by 4-15-26 for a calendar year 2025 deduction. Filing for an extension will not give you extra time to make the IRA contribution for calendar year 2025. For married individuals filing joint returns, if both taxpayers are active participants in an employer’s qualifi ed retirement plan, their ability to claim a deduction for contributions made to traditional IRA’s depends upon the amount of their modifi ed adjusted gross income. The allowable deduction will be reduced when modified adjusted gross income is between $126,000 and $146,000. For a single taxpayer, the deduction for an IRA is phased out if he or she is an active participant in a qualifi ed retirement plan and modifi ed adjusted gross income is between $79,000 and $89,000. However, if only one of the married taxpayers is an active participant in a qualified retirement plan, the deductible contribution by the spouse who is not an active participant is phased out if the couple’s modifi ed adjusted gross income is between $236,000 and $246,000. Knowing that you not only get a tax deduction for a contribution to a Traditional IRA and that the IRA account is exempt from creditors, one might have one more reason to contribute each year to an IRA. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. Saturday, June 14, from 11 a.m. to 1 p.m. Join us at the Parlin Library for a fun-fi lled day of reading challenges, games and special activities as we kick off this year’s Summer Reading Challenge, Color Our World. See the website for details. Origami Club: Parlin Children’s Room, Saturday, June 14, at 12 p.m. Learn how to fold paper animals of all kinds! Open to all ages and abilities. Paper and instruction will be provided. Shute Adult and Teens Sketch Studio: Shute Meeting Room, Tuesday, June 10, at 4:30 p.m. Come hang with us at our Sketch Studio hour! We’ve got sketchbooks (fi rst come, first served), creative prompts, still life setups and a roomful of fellow sketch artists. For ages 14-18. Sponsored by the Friends of the Everett Public Libraries. Graphic Novel & Manga Book Club: Wednesday, June 11, at 4 p.m. Join our monthly teen book group focused on graphic novels & manga! We will be discussing “Maus: A Survivor’s Tale” by Art Spiegelman. For ages 14 to 18. Limited copies are available for borrowing at our circulation desk. Resume Writing: Shute Adult Department; book a one-on-one resume assistance appointment at the Shute Library and let a librarian help you craft a resume tailored to your strengths and aspirations. Sign up for a 30-minute session at the Shute Library. By appointment only; please email shuteinfo@noblenet.org or call 617-394-2308. Computer Basics 101: Shute Adult Department. Tech Newbie? No Problem! Learn to power up, click around, type like a pro, explore the digital world and even send your fi rst email. Book your Friday adventure with technology today! By appointment only; please email shuteinfo@noblenet.org or call 617-394-2308. Shute Children’s Miss Val’s Storytime Pals: Shute Children’s Room, Mondays at 10 a.m. and Tuesdays at 12 p.m. What’s better than EVENTS | SEE PAGE 17 Say nr Sa a y Senior Seni by Jim Miller How Much Advil (Ibuprofen) Is Too Much? Dear Savvy Senior, I take Advil pretty regularly for arthritis pain and headaches, but how can I tell if I’m taking more than is safe? Achy Alan Dear Alan, Ibuprofen – better known by one of its brand names, Advil – is one of the most popular medications on the market today for treating all diff erent types of pain, headaches, fevers and cramps. Given the drug’s broad pain-reducing effects, safety record and availability over the counter (OTC), it’s no surprise that some people pop the little brownish-red tablets whenever they feel the slightest twinge of discomfort. But ibuprofen, which is also sold under brand names like Motrin and Nuprin, can pose certain health risks, especially for those with kidney or stomach issues. Here’s what you should know. What’s Safe? For most adults and children ages 12 years and older, the recommended OTC dose of ibuprofen is one (or two, if needed) 200-milligram tablets, caplets or gel caplets every four to six hours while symptoms persist. You shouldn’t take more than 1,200 mg (or six pills) in a 24-hour period. If you haven’t consulted a doctor about how much is safe, or if you aren’t certain about your risk factors, it’s best not to exceed the recommended limit of 1,200 milligrams a day. If you have chronic pain, or were recently injured or had surgery, your doctor may prescribe ibuprofen for you at a higher dose. Prescription tablets are usually stronger compared to the OTC dose, such as 600 mg and 800 mg. The maximum daily dose for prescription-strength ibuprofen is 3,200 mg in a 24-hour period. But it’s important only to take what your provider has prescribed for you. Also be aware that ibuprofen is sometimes added to certain cold and fl u medications, so always read the ingredient list on medications before using them. Be Cautious! Ibuprofen belongs to a class of drugs known as nonsteroidal anti-inflammatory drugs, or NSAIDs, which reduce pain and infl ammation by blocking the activity of certain enzymes. But these enzymes also help maintain kidney and liver function and regulate the balance of fl uids and electrolytes in your body. So, taking ibuprofen can be dangerous for patients with kidney disease or failure; those with liver damage or cirrhosis; and people with conditions that put strain on their kidneys, like high blood pressure or heart failure. Those at high risk for these conditions – as well as for stomach ulcers, heart attacks, strokes or bleeding problems – should talk with their doctors before taking ibuprofen. People who take medications such as diuretics, anticoagulants, ACE inhibitors or ARBs (angiotensin receptor blockers) to manage cardiovascular issues should also be careful, because ibuprofen stresses the kidneys and the heart. To reduce these health risks, don’t take the maximum recommended dose for more than a week or two at a time. If you need it for more than two weeks, or if you’re turning to ibuprofen every day to keep your aches and pains in check, you need to see your doctor. When taken for long periods, ibuprofen can also increase the risk of stomach ulcers. The drug inhibits enzymes that, among other things, aid in the production of mucus that lines and protects the stomach lining, so without these enzymes, the stomach becomes vulnerable to irritation and damage. Some alternatives to ibuprofen you should talk to your doctor about include acetaminophen (Tylenol), topical NSAIDs (diclofenac gel) that is not absorbed into the blood to the same extent as oral NSAIDs, nonacetylated salicylates, curcumin (an active ingredient in turmeric) and acupuncture. Send your questions or comments to questions@savvysenior.org, or to Savvy Senior, P.O. Box 5443, Norman, OK 73070. nior ior
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