Charlotte, NC (PRWEB) June 27, 2014
Jim Hitt, CEO of American IRA-a national provider of Self-Directed IRA services-warns "If you have an inherited IRA and you are in any type of situation in which a creditor may bring a claim against you; you need to meet with your professionals to be sure you understand whether there are any steps you can take to protect your inherited IRA from creditor claims."
According to Scotusblog.com on 6-12-2014, a Supreme Court ruling announced that inherited IRAs do not enjoy the same bankruptcy protection as other IRAs.
This is going to be a big deal as aging baby boomers reach their will maturity dates, and their IRAs pass to their adult children and grandchildren.
The case arose from a claim against one Heidi Heffron-Clark. Mrs. Clark had inherited a sizable IRA in 2001.
Mr. and Mrs. Clark had started a pizza shop, which went under – like a lot of small businesses – in 2009. The restaurant’s closure resulted in a broken lease, and the landlord had a claim of $74,000. As a result of the business failure, the family declared bankruptcy in 2010.
Normally, IRAs are shielded against attachment by creditors – up to balances of $1.3 million under federal law. Some states provide even more protection. However, when Heffron-Clark’s creditors learned about the IRA Mrs. Clark inherited, they pounced.
Sonia Sotomayor, writing the court’s decision, held that “The text and purpose of the Bankruptcy Code make clear that funds held in inherited IRAs are not "retirement funds" within the meaning of § 522(b)(3)(C)'s bankruptcy exemption.”
About American IRA, LLC:
American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched with quick and efficient processing within 48 hours.
American IRA services thousands of clients and has over $300 million in assets under administration.
American IRA was built by investors for investors and brings their successful investment experience to the table providing excellent educational material showing 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.
American IRA is conveniently located in Asheville, NC and Charlotte, NC and serves clients nationwide.