Inherited IRA Not Exempt Property In Bankruptcy Under Montana Exemption Statute

In In re Golz, No. OP 15–0302, 2015 WL 6954893 (Mont. Nov. 10, 2015), the Montana Supreme Court answered a certified question from the federal Bankruptcy Court by determining that under Montana’s exemption statute, Mont. Code § 25-13-608(1)(e), an inherited IRA is not exempt property in bankruptcy. The statute’s reference to IRAs as defined in the Internal Revenue Code excludes inherited IRAs which have been excluded from the definitional sections by the Supreme Court of the United States in Clark v. Rameker, 134 S. Ct. 2242 (2014).