IRA Trust | Estate Plan Pros

Is your inherited IRA protected from creditors?

It depends on where you live, or more precisely where your beneficiaries live.  In the Fifth Circuit and Eighth Circuit your inherited IRA is protected, but in April this year the Seventh Circuit held that Wisconsin resident Heidi Heffron-Clark’s inherited IRA worth $300,000 was available to her creditors.  This was a devastating result for her, and definitely not what her mother envisioned when...

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What is the Right IRA Beneficiary Designation?

Ordinarily, you can just name the beneficiary directly.  In some cases however, naming a beneficiary directly could be a recipe for disaster.  For example you could be leaving a well-funded IRA to a minor who will withdraw every penny as soon as they are able ignoring all negative tax consequences.  You could be leaving your IRA to someone is receiving public benefits, immediately...

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