Can we contribute to Roth IRA using other accounts?

[jessica779]

Appreciated very much.

In future, if I open another single account on my name alone, and a joint tenants by entirety account with my husband, and deposit any gifts given to me by my friends/relatives, and the rent we receive from the other mobile home (around 100 per month), into those accounts, then can I use that money in those bank accounts including any interest made from that money (without any legal issues in terms of fraudulent transfer clams from that creditor) to fund the roth IRA accounts for me and/or my husband for the year 2021 or beyond (if my husband has the same salary and which is deposited into his own personal account, and which we spend for our living expenses)?

 

[LdiJ]

Appreciated very much.

In future, if I open another single account on my name alone, and a joint tenants by entirety account with my husband, and deposit any gifts given to me by my friends/relatives, and the rent we receive from the other mobile home (around 100 per month), into those accounts, then can I use that money in those bank accounts including any interest made from that money (without any legal issues in terms of fraudulent transfer clams from that creditor) to fund the roth IRA accounts for me and/or my husband for the year 2021 or beyond (if my husband has the same salary and which is deposited into his own personal account, and which we spend for our living expenses)?

Why are you so interested in a Roth IRA? At this point, the money is just as protected if it remains in the accounts that it is already in.

 

[BuyLowSellHigh]

Personally when I had asset protection concerns in Florida I reviewed my situation with an attorney specializing in asset protection. I chose to open a new joint tenants by entirety account at a Florida Credit Union. I did not want funds at a national bank which could be subject to courts in other states that don't have the same protections as Florida. I deposited my personal paycheck into the joint account.

If I had to report to the court an account that may not be exempt, I would then close that account and open a new account at another Florida credit union.

 

[jessica779]

“Why are you so interested in a Roth IRA?” because there is no tax on any financial gains on those funds, and creditor cannot take it in Florida, and if we don’t use that money then it can go to our children interest free, and the current tentants by entirety account will lose its current status if I die thereby my husband's creditor get access to it.



“At this point, the money is just as protected if it remains in the accounts that it is already in” court determined that the creditor has no rights on the money that is presently there in my single account and in the joint account but court did not say that this will remain the same in the future if new funds are added or so.

I wish to open a (new) single account on my name and a (new) joint tenants by entirety account with my husband in a bank that has no businesses/offices outside of Florida to make sure that those accounts are absolutely secure from my husband’s creditor (as long as there is no money sent to them through fraudulent transfers from my husband) as “BuyLowSellHigh” noted. That is why I asked the following question: In future, if I open another single account on my name alone, and a joint tenants by entirety account with my husband, and deposit any gifts given to me by my friends/relatives, and the rent we receive from the other mobile home (around 100 per month), into those accounts, then can I use that money in those bank accounts including any interest made from that money (without any legal issues in terms of fraudulent transfer clams from that creditor) to fund the roth IRA accounts for me and/or my husband for the year 2021 or beyond (if my husband has the same salary and which is deposited into his own personal account, and which we spend for our living expenses)?

 

[adjusterjack]

I would have more sympathy for the poster if it were not for the definite impression left that there is no intention to pay the judgement, period, at any point in future.

Given the explanation of the lawsuit I don't blame the OP for not paying. It was a SLAPP suit that the victims were, unfortunately, unable to fight.

https://en.wikipedia.org/wiki/Strategic_lawsuit_against_public_participation