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1520 6th Ave
San Diego, CA, 92103
United States

(619) 320.8780

San Diego law firm focusing on estate planning including preparation of trusts, wills, and powers of attorney, trust administration, probate, business formations including partnerships, limited liability companies, and corporations, business succession planning, bankruptcy, business litigation, employment law, and general civil litigation.

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Current happenings and anecdotal information regarding estate planning, wills, trusts, business formations, partnerships, Limited Liability Companies, Corporations, business succession planning, and bankruptcy.

Supreme Court Ruling Carries Estate Planning and Bankruptcy Consequences

Casey OConnell

This past July, the esteemed Justices of our nation's highest court ruled that inherited IRA funds, those that come into one's possession through the death of the IRA contributor, are not "retirement funds" as defined in the Bankruptcy Code.  As a result, inherited retirement funds are not exempt from creditors if the individual to whom those funds are devised later files for bankruptcy protection.  This has important consequences for both the estate planning of the retirement fund contributor and the person to whom those funds are gifted at death.  For more details, read this informative article published by Forbes:

http://www.forbes.com/sites/deborahljacobs/2014/06/12/supreme-court-finds-inherited-iras-not-protected-in-bankruptcy/