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The unanimous United States Supreme Court decision in Clark v. Rameker affirmed that funds from inherited IRAs were not protected from bankruptcy creditors. Estate, trust and probate attorney Christopher J. Burns and Kiley Henry detail the decision in their article, “When is an IRA not an IRA?” and discuss what attorneys and other advisors should consider when going over beneficiary designations with their clients.
“Just because an account has “Individual Retirement Account (IRA)” in its title does not mean that it will be protected from creditors in bankruptcy, according to a unanimous United States Supreme Court in Clark v. Rameker.
Prior to Clark, funds of individuals who inherited IRAs were thought by some to be protected from bankruptcy creditors. After Clark, this is known not to be the case.” Read the full article here.
The article was previously printed in Minnesota Lawyer.