Inherited IRA Considerations

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In June 2014, the Supreme Court ruled unanimously that individual retirement accounts (IRAs) inherited by a taxpayer are not protected in bankruptcy proceedings. In the case of Clark v. Rameker the courts have acknowledged that, while bankruptcy code is intended to protect the retirement accounts of debtors, it is not intended to protect inherited IRAs.

Three key factors distinguish traditional IRA accounts from inherited IRA accounts:

  1. No additional contributions can be made to the inherited IRA accounts.
  2. The holders of the inherited IRA accounts are required to take minimum distribution even if they are not retired or of retirement age.
  3. Early …read more

    Read more here:: Government Contracting


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