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U.S. Supreme Court “Inherited IRA” Decision Issued Today: Retirement Benefit Trust Planning Is the Way to Go

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U.S. SUPREME COURT “INHERITED IRA” DECISION ISSUED TODAY: RETIREMENT BENEFIT TRUST PLANNING IS THE WAY TO GO

Posted June 12, 2014

Big news! The United States Supreme Court issued a ruling today opining in Clark v. Rameker that Individual Retirement Accounts (IRAs) inherited from a non-spouse (e.g., children inheriting IRAs from parents) are not protected by bankruptcy exemption as a “retirement fund.” So, it is now the law of the land that non-spousal inherited IRAs are not protected in bankruptcy.

You can protect your family by planning ahead and establishing a Retirement Benefit Trust (RBT). A RBT is a trust designed to complement traditional estate planning and to provide enhanced protection, control and flexibility when planning with an IRA or qualified retirement assets (401(k), 403(b), etc.). A properly structured RBT provides IRA beneficiaries with “trust based asset protection.”

To attain the most from your retirement accounts, please call Kelleher & Buckley, LLC at 847-382-9130 or email us at attorneys@kelleherbuckley.com to speak with one of our attorneys to establish a RBT for you, your family and clients.

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