Governor Haslam has appointed Shelby County Chancellor Kenny W. Armstrong to the Tennessee Court of Appeals, Western Section. Chancellor Armstrong will fill the vacancy created by Governor Haslam’s appointment of Justice Holly Kirby to the Tennessee Supreme Court. Armstrong has served as Chancellor for Division III of the Shelby County Chancery Court since 2006. Click here to read more.
Yesterday, Justice Sotomayor delivered the unanimous opinion of the Court that Inherited IRAs are NOT exempt in bankruptcy proceedings.
Read the full opinion here: Clark v. Rameker.
Central to the Court’s opinion was the interpretation of the phrase “retirement funds.” In bankruptcy, an individual is allowed to exempt certain of their assets from the proceedings. The code specifically sets out what can be exempt and what cannot be. One such exemption is “retirement funds to the extent those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457 or 501(a) of the Internal Revenue Code.” Clark v. Rameker, No. 13–299, at slip op. at 1-2 (June 12, 2014) (citing 11 U.S.C. § 522(b)(3)(C)(d)(12)).
Continue reading SCOTUS: Inherited IRAs are NOT exempt from Bankruptcy.
I covered this in an earlier post, but I was just speaking to a friend this morning about it and thought I would share it again. Click here to read why your adult child desperately needs to have a medical power of attorney.