Key Legislative Issues

Auto IRA

Non-Spouse Inherited IRAs Lose Bankruptcy Protection

October 31, 2014

The U.S. Supreme Court, on June 12, 2014, unanimously ruled in Clark v. Rameker that inherited Individual Retirement Accounts (IRAs) do not qualify as "retirement funds," but rather are considered to be "money that can be freely used for current consumption," and therefore are not exempt from a debtor's bankruptcy estate.

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