When is an IRA not an IRA?

By: Christopher Burns | Minnesota Lawyer | October 20, 2014
IRAs, Wills & Trusts Agreements

The unanimous United States Supreme Court decision in Clark v. Rameker affirmed that funds from inherited IRAs were not protected from bankruptcy creditors. Estate, trust and probate attorney Christopher J. Burns and Kiley Henry detail the decision in their article, “When is an IRA not an IRA?” and discuss what attorneys and other advisors should consider when going over beneficiary designations with their clients.

“Just because an account has “Individual Retirement Account (IRA)” in its title does not mean that it will be protected from creditors in bankruptcy, according to a unanimous United States Supreme Court in Clark v. Rameker.

Prior to Clark, funds of individuals who inherited IRAs were thought by some to be protected from bankruptcy creditors. After Clark, this is known not to be the case.” Read the full article here.

The article was previously printed in Minnesota Lawyer.

  Originally published for Minnesota Lawyer
Christopher Burns
My clients receive my undivided attention. I focus on learning your story and understanding your specific needs. With a broad base of legal knowledge, I will thoughtfully consider your issues, identify your options, and strategically use the right tools to accomplish your goals. With nearly 20 years of experience, I bring considerable expertise in the following areas: estate planning: planning and preparation of wills, revocable trusts, health care directives, financial powers of attorney, beneficiary designations for life insurance, and retirement plans estate and trust administration litigation of contested probate, trust,...