Category Archives: US Supreme Court
THE US SUPREME COURT RULES THAT INHERITED IRAS ARE NOT PROTECTED IN BANKRUPTCY, HOWEVER, STATE LAW MAY OVERRULE THAT!
When an individual files for bankruptcy, the Federal Bankruptcy Code permits the debtor to exclude certain types of assets from the “bankruptcy estate” and thus protect them from his or her creditors. One of the types of assets excluded from the estate are “retirement funds” (11 U.S.C. x 522(b)(3)(C)). On June 12, the US Supreme… Read More »
In a landmark case, United States v. Windsor, https://www.supremecourt.gov/opinions/12pdf/12-307_g2bh.pdf, the United States Supreme Court struck down the Defense of Marriage Act on the grounds that it is an unconstitutional deprivation of the equal liberty of persons protected by the Fifth Amendment. The syllabus to the opinion states “DOMA’s principal effect is to identify and make unequal a… Read More »