Protect Your IRA for Your Kids, & From Their Predators
In 2014, U.S. Supreme Court in Clark v. Ramiker, 134 S.Ct. 2242 (2014) ruled inherited IRAs are not retirement accounts for purposes of protection from bankruptcy and general creditors. Heidi Clark inherited an IRA from her mother and began receiving the Required Minimum Distributions based upon her age. Heidi and her husband ran into financial troubles and filed bankruptcy. They attempted to exempt the IRA from the bankruptcy. The Supreme Court ruled that although retirement funds are protected, inherited IRAs are not. Since the IRA was in Heidi’s name the $300,000 became available to her creditors.
Heidi’s result would have been different if placed into an asset protection trust instead of her own name.
In less than an hour you will:
• Understand the impact of the Supreme Court decision.
• Learn the asset protection strategies available for inherited IRAs against:
Loss in Bankruptcy
Loss in Divorce
Loss to Creditors
Loss of Government Benefits
• Know the four requirements for trusts to qualify to own IRAs without causing taxation.
• Discover the “inside” and “outside” planning strategies we have used for years to protect inherited IRAs and provide the maximum number of options at death to avoid the loss of an IRA to creditors, predators and long-term care costs.
In this session, we will also answer questions you have on the best methods to protect your IRA.