In a much anticipated case, the Supreme Court has issued a ruling stating that inherited IRAs are not exempt from creditors in a bankruptcy proceeding.  The case in question involves a woman who filed a joint bankruptcy case with her spouse and owned an inherited IRA worth $300,000.  The trustee sought to use the money to pay the couples creditors; however, the couple maintained the account was exempt.  The Supreme Court has ruled in favor of the trustee – the ruling has far-reaching effects on potential bankruptcy cases.

For the full story read, “Inherited IRAs in play for bankruptcy creditors: U.S. high court.”

Image credit:  Mark Fischer