Mealey's Bankruptcy - U.S. High Court: Inherited IRAs Not 'Retirement Funds,' Not Exempt In Bankruptcy

Mealey's Bankruptcy - U.S. High Court: Inherited IRAs Not 'Retirement Funds,' Not Exempt In Bankruptcy

WASHINGTON, D.C. - The U.S. Supreme Court on June 12 ruled that funds held in inherited individual retirement accounts (IRAs) are not "retirement funds" within the meaning of the Bankruptcy Code because they represent an opportunity to use money immediately as opposed to a fund of retirement savings (Brandon Clark, et al. v. William Rameker, No. 13-299, Chapter 7, U.S. Sup.).

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