Estate and Elder Law

Recent Posts

Inherited IRA Exempt under Chapter 11: Doeling v. Nessa (In re Nessa), 2010 Bankr. LEXIS 931 (B.A.P. 8th Cir. 2010)
Posted on 11 May 2010 by LexisNexis Estate and Elder Law Community Staff

Where the 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... Read More

Bankruptcy Courts Agree - Inherited IRAs Exempt
Posted on 31 Aug 2011 by Gregory Herman-Giddens

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... Read More

Year-End Tax Planning Tips
Posted on 14 Dec 2011 by Sandra L. Smith

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) contributions... Read More

The Case for Naming a Power of Attorney for an IRA
Posted on 24 Aug 2010 by Randy Spiro

People 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 Creator... Read More

Stretching out your Retirement Plan
Posted on 22 Jul 2010 by Randy Spiro

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... Read More

Separate Accounts for IRAs Will Help the Beneficiaries
Posted on 8 Jun 2011 by Gregory Herman-Giddens

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)... Read More

Tags: income tax , IRA

Inherited IRAs are now Creditor Protected Under Florida Law
Posted on 2 Jun 2011 by Marc J. Soss

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... Read More

Qualified Longevity Annuity Contracts
Posted on 14 Feb 2012 by Marc J. Soss

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... Read More

IRS Allows Rollover of IRA from Estate to Spouse
Posted on 2 Apr 2012 by Gregory Herman-Giddens

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... Read More

Qualified Longevity Annuity Contracts
Posted on 14 Feb 2012 by Marc J. Soss

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... Read More

Separate Accounts for IRAs Will Help the Beneficiaries
Posted on 8 Jun 2011 by Gregory Herman-Giddens

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)... Read More

Tags: income tax , IRA

Year-End Tax Planning Tips
Posted on 14 Dec 2011 by Sandra L. Smith

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) contributions... Read More