SUPREME COURT DECISION VOIDS CREDITOR PROTECTION
FOR INHERITED IRA’S
Phoenix – The law firm of Morris Hall, P.L.L.C (MH) in response to the Supreme Court Decision on Inherited IRA’s, reminds Arizona and New Mexico residents that creating a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust can protect a beneficiary’s Inherited IRA from creditors.
On June 12th the U.S. Supreme Court unanimously decided that an inherited IRA does not follow the same guidelines nor bear the same characteristics of typical retirement funds (IRA and Roth IRA). This ruling means that an Inherited IRA left to a beneficiary cannot be protected from creditors as previously argued in Clark v. Rameker. Proper protection can still be gained by the creation of a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust. MH continues to help individuals, families and beneficiaries protect their assets by providing these qualified trusts to protect your legacy and those who inherit it.
MH devotes its practice to estate planning matters and has helped thousands of families and individuals meet their long-term estate planning and financial goals. The firm is a premier member of the American Academy of Estate Planning Attorneys (AAEPA).
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.