An inherited IRA does not have the same protection from creditors as an IRA originally saved for the purpose of retirement. That's a result of a recent Supreme Court ruling, says CERTIFIED FINANCIAL PLANNER™ professional Bryan Beatty. Why does this matter? “Because it could make an impact on your retirement savings,” explains Beatty, a partner with "Egan, Berger & Weiner, LLC.": IRAs and Roth IRAs receive what is known as a “retirement funds” exemption under Section 522 of the Bankruptcy Code. This exempts tax-exempt retirement funds from a bankruptcy estate. Except when it doesn’t. In this interview on News Channel 8 with reporter Sonya Gavankar, Beatty answers these questions: 1. IRAs and Roth IRAs receive what is known as a “retirement funds” exemption under Section 522 of the Bankruptcy Code. This exempts tax-exempt retirement funds from a bankruptcy estate. But sometimes they don't. Can you explain why? 2. Does this presents a challenge to...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)