Legal Buzz: Bankruptcy & Your Inherited IRA: Part 1
Bankruptcy & Inherited IRA’s: Part 1
On June 12, 2014 the US Supreme Court Case decided in Clark v Rameker, that inherited IRA’s (401k’s etc.) are not protected retirement assets and therefore are forfeited in Bankruptcy. The court ruled that unlike retirement assets, inheritors can’t put additional funds into the account; and they can take money out at any time without penalty.
Is your Inherited IRA Protected in Bankruptcy? Not according to the Supreme Court.
What can you do? Look for Part 2 of this series on Bankruptcy & IRAs to find out.
If you have inherited an IRA account you should consult with an experienced attorney.Roland H. Acosta & Associates, PA is a comprehensive boutique law firm located in Winter Park, Florida that can help with most legal issues. This Blog post is for informational purposes only and is not to be considered legal advice.