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Jeffrey Robert Jones & Gretchen Christine Jones, Ch. 7, BK12-42712-TJM (Aug. 13, 2013)

The court sustained the Chapter 7 trustee’s objection to a claimed exemption in a retirement fund belonging to the debtor’s late mother because it did not constitute an “inherited retirement account.” The debtor did not receive the retirement account directly. Rather, the fund was to be liquidated and the proceeds paid to his mother’s estate; from there, the money would be distributed to the heirs, including the debtor. The fund loses the attributes warranting the exemption of a retirement account by being liquidated through the probate estate.

Tuesday, August 13, 2013