Fenner, Melstrom & Dooling PLC
Accountants who think like business owners.
We are your strategists, advisors and confidants.
We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.
Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.
Your Inherited IRA May Not Be Protected
New Ruling Effects Inherited IRAs in Bankruptcy
Under federal law (and under the laws of most states), retirement plans such as an Individual Retirement Account (IRA) enjoy some protection in bankruptcy proceedings. The question is, does that same protection apply to inherited IRAs? The issue has been disputed in many court cases in recent years with mixed verdicts. Finally, in June 2014, the U.S. Supreme Court unanimously decided that bankruptcy creditors may have access to these accounts (Clark v. Rameker, No. 13–299 (U.S. 6/12/14))..
This ruling has implications for IRA owners as well as for the beneficiaries of such accounts.