Throughout my 39-year career, I have seen many changes in tax law and court cases that make long-term planning for clients very difficult. According to Quarles & Brady LLC’s article, “ Are Inherited IRAs Exempt in Bankruptcy? Seventh Circuit Says, ‘No,’ Others Say ‘Yes ,’” decisions regarding asset protection as it relates to inherited IRAs will have to be decided by the US Supreme Court.
If you are inheriting an IRA, please contact our office or your attorney.
Larry A McDonald, CPA