In Clark v. Rameker, (134 SCt. 2242) https://www.supremecourt.gov/opinions/13pdf/13-299_6k4c.pdf, the United States Supreme Court ruled that inherited IRA’s are indeed subject to claims of creditors unlike various other IRA accounts. In some states, however, IRA beneficiaries may not be subject to this decision, as states are permitted to formulate their own certain exemptions separate and apart from those set forth in the United States Bankruptcy Code. (Arizona, Alaska, North Carolina, Idaho, Missouri, Florida, Texas and Ohio).
Unfortunately, many brokerage firms and their employees haven’t been fully informed of these developments in the law, with the result that their investment clients have lost fortunes.
We offer a free initial consultation to investors who have sustained unnecessary losses for improper and investment advice. For a free initial consultation contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.