[CLBS] inherited IRAs exempt? I think issue is floating in Idaho......now US Supreme Court has granted cert on the issue.

[Jon Wilson]

On November 26, the Supreme Court granted the Chapter 7 debtors' petition
for certiorari to review In re Clark, 714 F.3d 559 (7th Cir., April 23,
2013), which held that a non-spousal inherited individual retirement account
(IRA) is not exempt under Code section 522(b)(3)(C) or section 522(d)(12). A
large majority of courts, including In re Chilton, 674 F.3d 486 (5th Cir.
2012), the only other Court of Appeals to address the issue, and In re
Nessa, 426 B.R. 312 (8th Cir. B.A.P. 2010), have permitted the exemption of
funds in an inherited IRA.

The case is Clark v. Rameker, Case No. 13-299 (U.S. Sup. Ct., pet. for cert.
granted Nov. 26, 2013). Oral argument has not yet been scheduled.