If you are the parent or guardian of a person with special needs or such…
Inherited IRAs are No Longer Safe
A couple of years ago the Supreme Court decided in Clark v. Rameker that inherited IRAs are not necessarily “retirement accounts” in a bankruptcy and therefore do not qualify as protected from bankruptcy creditor claims. The result is that inherited IRAs may now be considered assets to be taken by creditors in a bankruptcy proceeding.
I had the opportunity to speak to a group of estate planning professionals in the SW Missouri region recently about this ruling, and it brought back to the forefront of my mind the importance of making sure people are aware of this change.
There are legal strategies that can be employed to ensure that your inherited IRA is protected, however, it does take planning and preparation.
This article from EstatePlanning.com gives a clear and concise explanation of the planning involved to protect inherited IRAs and could be a valuable resource to you and your clients.
(click to read article)
And as always, my office is here to be an asset to you. Please feel free to contact us with any questions at 417.623.2062. If you have a group that would be interested in my Clark v. Rameker presentation, I would be happy to schedule a meeting with you.