I can't stress enough that having the correct knowledge and a team of professionals that are intricately familiar with IRAs is the best way to ensure that you receive the maximum benefit allowed with your IRA.
Greenville, sc (PRWEB) February 03, 2012
'Inherited IRA Exempt From Creditors' American IRA, LLC-a National Provider of Self-Directed IRAs announces this important ruling outlined in a recent blog by 'The Wealth Lawyer'.
Jim Hitt, CEO of American IRA, says "This is a definite 'win' for the self-directed IRA account holders! It is also a perfect example of how staying informed and selecting a self-directed IRA administrator that stays in touch with the latest news creates the best possible chance for your success."
The article 'In re Brandon Clark: Inherited IRA Exempt from Creditors' states that in 2010 a debtor and her husband filed a Chapter 7 bankruptcy petition and listed the $298,000 IRA they had inherited from their mother in 2000 as 'exempt'. Initially the bankruptcy court ruled that the IRA was 'not exempt'. The debtor and her husband then filed an appeal with the District Court which ultimately ruled in the debtors favor thus agreeing that the inherited IRA was 'exempt' from the bankruptcy.
Jim Hitt continues, "It is often the case that professionals who are not familiar with the rules and regulations of IRAs mistakenly either tell people that they can't make certain investments in their self-directed IRAs or, as in this case in relation to the bankruptcy court judge, even rule against the IRA holder due to their unfamiliarity with the protections and benefits afforded by an IRA. I can't stress enough that having the correct knowledge and a team of professionals that are intricately familiar with IRAs is the best way to ensure that you receive the maximum benefit allowed with your IRA."
American IRA, LLC was established in 2004 by James C. Hitt in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self directed retirement industry. Mr. Hitt and his team have grown the company to over $250 million in assets under administration by educating the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more!
To learn more about American IRA, LLC and self-directed IRAs/self-directed Solo 401(k)s, please contact our office at 1-866-7500-IRA(472).
As a self-directed IRA administrator they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms ). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville, NC.