News & Analysis as of September 21, 2024

Consumer Bankruptcy › Individual Retirement Account (IRA)

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Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code. Debtors are... more +

Restructuring Roundup - January 2022

Arnall Golden Gregory LLP on 1/28/2022

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

Are Funds Received as the Beneficiary of an IRA Property of the Estate in Bankruptcy?

Foster Swift Collins & Smith on 1/18/2021

When an individual files a Chapter 7 bankruptcy case, the debtor’s non-exempt assets become property of the estate that is used to pay creditors. “Property of the estate” is a defined term under the Bankruptcy Code, so a...more

Inconsistent Rulings Should Cause an IRA Beneficiary to Consider Alternative Inheritance Methods

Flaster Greenberg PC on 8/13/2018

Despite the differing treatment of inherited IRAs under Federal, New York, and New Jersey law, clients may be best served to inherit IRAs in trusts or other asset protection vehicles rather than outright so as to provide an...more

Are My Retirement Accounts Exempt? – Beware Of Prohibited Transactions

Fox Rothschild LLP on 6/1/2018

IRA and 401(k) retirement accounts are generally exempt from claims of creditors pursuant to Section 222.21, Florida Statutes and Section 522 of the Bankruptcy Code. For this reason, these types of retirement accounts can be...more

Court Finds Broad Exemption for IRAs

Jackson Walker on 8/4/2016

In In re Elizabeth Bratton Moore, the Bankruptcy Court for the Eastern District of Texas (Sherman Division) ruled that the exemption for IRAs in Section 42.0021 of the Texas Property Code applies not only while the funds are...more

"The Estate Planner" – November/December 2014

Shumaker, Loop & Kendrick, LLP on 11/10/2014

In this issue: - The Sec. 1031 Exchange - A Powerful Estate Planning Tool - Worried About Challenges To Your Estate Plan? Make It No Contest! - Don't Underestimate The Impact Of State Estate Taxes ...more

Estate Planning Pitfall: Watch out for IRA traps

Adler Pollock & Sheehan P.C. on 10/17/2014

An IRA can be a valuable estate planning tool, offering tax-deferred growth (tax-free in the case of a Roth IRA) and asset protection. But two recent developments create traps for the unwary: the “one-rollover-per-year” rule...more

Recent Tax Developments

McNees Wallace & Nurick LLC on 7/23/2014

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

U.S. Supreme Court Ruling Regarding Inherited IRAs Highlights the Benefits of IRA Trusts

Weintraub Tobin on 6/19/2014

Last Thursday, the United States Supreme Court ruled in Clark v. Rameker that funds held in inherited individual retirement accounts (IRAs) are not “retirement funds” for bankruptcy purposes....more

Supreme Court Rules Inherited IRAs Available to Creditors in Bankruptcy

Partridge Snow & Hahn LLP on 6/19/2014

On June 12, 2014 the United States Supreme Court issued its opinion in Clark v. Rameker, 13-299, ruling that inherited IRA accounts are available to creditors in bankruptcy. At issue was a Bankruptcy Code provision that...more

U.S. Supreme Court Rules That Inherited IRAs are Available to Pay Creditors

Snell & Wilmer on 6/18/2014

On June 12, 2014, the U.S. Supreme Court issued its opinion in Clark v. Rameker[1], opening up another source of recovery for creditors and Chapter 7 trustees in bankruptcy proceedings. In Clark, a Chapter 7 debtor inherited...more

The U.S. Supreme Court Holds That Inherited IRAs Are Not Exempt In Bankruptcy

Dickinson Wright on 6/18/2014

On June 12, 2014, the United States Supreme Court unanimously held in Clark v. Rameker Trustee that funds in an individual retirement account (“IRA”) inherited from someone other than the bankrupt debtor’s spouse are not...more

When is a Retirement Account not a Retirement Account?

FordHarrison on 6/17/2014

Q: When is a retirement account not a retirement account? A: When it's an inherited IRA and the owner is bankrupt. That's what the Supreme Court said last week in a case involving the Bankruptcy Code's exemption...more

Supreme Court Decides Retirement-Fund Bankruptcy Exemption Case: Clark v. Rameker

Faegre Drinker Biddle & Reath LLP on 6/13/2014

On June 12, 2014, the United States Supreme Court decided Clark v. Rameker, No. 13-299, holding that funds in an individual retirement account (IRA) that a bankruptcy debtor obtained through inheritance are not "retirement...more

High Court to Rule on Retirement Fund Exemption

Bond Schoeneck & King PLLC on 5/12/2014

Ruth Heffron established an IRA naming her daughter, Heidi Heffron-Clark, as the sole beneficiary. Ruth died in 2001 and the account, valued at roughly $300,000, passed to Heidi. After her mother’s death, Heidi then...more

Protecting Private Wealth: Recent Bankruptcy Cases Involving Tuition Payments and Profit Sharing Plans

BakerHostetler on 3/17/2014

Two recent decisions may affect the assets of individuals available to satisfy creditors' claims in bankruptcy. In the first decision, the Bankruptcy Court for the Eastern District of New York determined that married, joint...more

IRAs And Bankruptcy – This Is A Technical One

Stinson - Benefits Notes Blog on 7/15/2013

This post deals with protecting IRAs in bankruptcy – and the IRA was ultimately protected – but the arguments made are ones that only an ERISA junkie might appreciate....more

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Consumer Bankruptcy › Individual Retirement Account (IRA)

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