Jim Hitt, CEO of American IRA-A National Self-Directed IRA Provider, Announces A U.S. Supreme Court Decision Held That An Inherited IRA Is Not A Retirement Fund.

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Jim Hitt, CEO of American IRA-A National Self-Directed IRA Provider, announces a U.S. Supreme Court decision held that an inherited IRA is not a retirement fund and therefore doesn't qualify for bankruptcy protection, several states exempt inherited IRAs by statute.

American IRA CEO

American IRA CEO, Jim Hitt

Self-Directed IRA owners need to be aware of the U.S. Supreme Court decision that held that an inherited IRA is not a retirement fund and therefore doesn't qualify for bankruptcy protection.

Self-Directed IRA owners need to be aware of the U.S. Supreme Court decision that held that an inherited IRA is not a retirement fund and therefore doesn't qualify for bankruptcy protection. To review the entire case, reference case Clark ET UX. versus Rameker, Trustee, ET Al number 13-299.

Even with this ruling, it is important for people to know that normally, retirement funds are protected from creditors even if they file for bankruptcy, with a few limitations. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, and defined benefit plans. This U.S. Supreme Court decision removes this protection from inherited IRAs.

Another important fact to keep in mind is that despite the ruling, debtors can elect to use state exemptions to protect assets from creditors in North Carolina, Arizona, Alaska, Florida, Idaho, Missouri, Texas, Ohio and Idaho.

This court decision is one that everyone needs to keep in mind when working on their financial plans. Individuals should consult with their professionals (including their CPAs and Attorneys) when making decisions that might put their inherited IRA in jeopardy. Those professionals can discuss the best way to protect the funds. In fact, it would be a good idea for everyone that inherits an IRA to have a planning meeting with their professionals at the time of inheritance.

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.

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