Executive Summary Surviving spouse (S) was not treated as the payee of the decedent’s (H) IRA, and thus could not take the IRA and roll it over into an IRA in her own name. Facts H died in 2004 at the age of 75, a resident of State W, survived by his spouse S, […]
EXECUTIVE SUMMARY A bankruptcy court in Florida has ruled that an individual’s IRAs are not exempt from the claims of creditors due to the individual’s transactions with the IRA. FACTS Ernest W. Willis filed for bankruptcy under Chapter 7 of the Bankruptcy Code on February 16, 2007. He claimed exemptions pursuant to11 U.S.C. Sec 522(b)(3)(C) […]