New IRA Rules Wreak Havoc on Taxable Income & Leave Inherited IRAs at the Mercy of Bankruptcy Creditors

Date

2015

Journal Title

Journal ISSN

Volume Title

Publisher

Texas Tech Estate Planning & Community Property Journal

Abstract

Describes the estate planning and tax implications for different types of clients with inherited IRAs after two Supreme Court decisions. Argues that estate planners must now consider the effects of these decisions on their individual clients and assess how to restructure their estates to allow for optimal asset protection. Provides insight and serves as a guide for estate planners to optimally reorganize an estate based on the two rulings for individuals with different needs. Explores predictions about where the legislature and courts will take matters involving retirement accounts based on the courts' reasoning, as well as the current political climate, and serves as a useful tool for those individuals attempting to structure their future financial position.

Description

Keywords

IRA, Inheritance, Clark v. Rameker, Bobrow v. Commissioner of Internal Revenue, Tax-exempt retirement plans, Estate planning, Individual Retirement Accounts

Citation

Ashley Snell, New IRA Rules Wreak Havoc on Taxable Income & Leave Inherited IRAs at the Mercy of Bankruptcy Creditors, 7 Est. Plan. & Cmty. Prop. L. J. 627 (2015).