Supreme Court to hear case involve inherited IRA

The US Supreme Court has agreed to hear arguments in the case of Clark v. Rameker – – a case which could have a huge impact on how IRAs are treated in bankruptcy cases.  The case involves a couple who filed for bankruptcy relief in 2010.  At the time the case was filed, they had $300,000 in an IRA that would normally be protected under current bankruptcy laws.  However, the trustee in the case argued that the funds in the IRA were inherited and not protected by bankruptcy exemptions.  The case has been through several appeals and will now be heard by the Supreme Court.

For more details read the full story at, “U.S. high court to chart fate of inherited IRAs in bankruptcy.”