US Supreme court case re-inforces advantages of SmartIRA
The US Supreme Court has unanimously ruled in the Clark case that funds held in inherited IRAs are NOT “retirement funds” within the meaning of §522(b)(3)(C) and therefore are not protected in bankruptcy. It is clear that IRAs are exempted but, before this decision, whether an inherited IRA was subject to the same protection had varying precedent. The decision in Clark is another reason why naming a qualified trust as beneficiary of an IRA is beneficial. The SmartIRA™ is the a great solution for this issue as those IRA assets would be protected in bankruptcy.