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| Solo 401k |
On June 12th, The U.S. Supreme Court
ruled that inherited IRAs are not protected from creditors in bankruptcy. In a unanimous opinion, the Supreme court court held that an IRA inherited by someone other than a spouse cannot be considered a retirement fund, because the IRA's beneficiary cannot invest further money and must take distributions within a set number of years.
"Nothing about the inherited IRA’s legal characteristics would prevent (or even discourage) the individual from using the entire balance of the account on a vacation home or sports car immediately after her bankruptcy proceedings are complete," the ruling said.
This is just another reason to use a Solo-k as your retirement vehicle instead of an IRA. If you have an IRA, now,may be the time you should convert.
Solo 401k plan:Your Opportunity for Checkbook control of your future
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