debtor received, pre-petition, a direct transfer of funds from her father's
individual retirement account (IRA), created pursuant to 26
USCS § 408 ,
to the debtor's inherited IRA, such a transfer did not terminate the debtor's...
With the Texas case of In re Chilton reversed in U.S.
District Court, which held that the debtor's inherited IRA was exempt
from the claims of creditors, all bankruptcy courts that have ruled on
the issue have determined that inherited IRAs...
With the holidays upon us, it's time to do some planning that can help reduce your tax bill this year.
Contributing to your retirement plan is a fast and easy way to cut
your taxes, while building your nest egg. The federal limit for 401(k)
who have signed and funded revocable trusts have a decreased need for financial
powers of attorney because the Trust has within it a mechanism to change the
Trustee (manager) of the Trust on the death, resignation or incapacity of the
What happens to a retirement account or IRA after the participant's death? The capital gain (profit) in most assets is forgiven when the owner dies because the inheritor receiving a new cost or basis equal to the value of the asset on the old owner's...
The distribution rules for inherited IRAs generally make it advantageous to have separate accounts, which can be done during your lifetime or by December 31 of the year following your death. If you plan to leave an individual retirement account (IRA)...
On May 31, 2011, Florida Governor Scott signed into law House Bill 469. The law overturns the 2009 Second District Court of Appeals ruling in Robertson v. Deeb, (2D08-6428) which had held that when an IRA is distributed to its beneficiary, upon the death...
Proposed regulation 115809-11 would allow IRA participants in 403(b), eligible governmental 457 plans, and IRAs other than a Roth IRA or defined benefit plan to purchase annuity contracts. The annuity contracts would begin at an advanced age. The proposed...
As I tell my clients and audiences during presentations, one should never name one's estate as beneficiary of an IRA or other retirement account. If the estate is the beneficiary, whether from a purposeful designation, failure to name a beneficiary...