By William H. Brown, Editor/Adviser to Academy for Consumer Bankruptcy Education
On June 12, 2014, the Supreme Court held, in Clark v. Rameker, 2014 WL 2608860, that an inherited IRA does not constitute “retirement funds” within the meaning of 11 U.S.C. § 522(b)(3)(C). Since that Code section is identical to § 522(d)(12), inherited IRAs would not be exempt under the latter section either. Although the Court affirmed the Seventh Circuit’s decision, In re Clark, 714 F.3d 559 (2013), the unanimous opinion by Justice Sotomayor is broader . . .
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