Recent Posts in IRAs Category

  • Supreme Court Holds Inherited IRAs Are Not Asset Protected

    || 24-Jun-2014

    For Clients, Advisors and Community. If you or your parents have an IRA with six figures or more, you need to read this article carefully. A word of introduction: An “inherited IRA” is an account originally established by Mom or Dad and at the death of Mom or Dad is held for the benefit of son or daughter or grandchild (or other relative). It is typically titled, “Mom or Dad IRA ...
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  • INHERITED IRAS ARE NOT CREDITOR PROTECTED For Clients, Advisors and Community: Individual Retirement Accounts (IRAs) are becoming an increasing portion of wealth transferred from generation to generation. Do you have or do you anticipate owning an Inherited IRA from a parent or grandparent? If you do, this article applies to you. What is It? An “inherited IRA” is an IRA inherited from ...
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  • For Clients, Advisors and Community. In March and May, 2011, I wrote blog articles about the asset protection aspects of inherited IRAs. This article describes current developments involving tax aspects of inherited IRAs. What is so important about inherited IRAs? With careful planning, the beneficiary of an inherited IRA (typically a child) has the opportunity to defer income taxes (with ...
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  • Time Again to Check Beneficiary Designations

    || 10-Aug-2011

    For Clients, Advisors, Community A recent published case emphasizes the importance of clients checking their beneficiary designations of their retirement plans including; profit sharing, 401(k) and pension — on a regular basis. The general rule is that if the participant is married, he or she must name his or her spouse as beneficiary (unless the spouse signs a waiver in the presence of a ...
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  • Update on Inherited IRAs

    || 15-May-2011

    For Clients, Professional Advisors Since my March 3, 2011 posting on inherited IRAs, there has been an interesting precedent. A Federal Court in Texas has issued an important appellate decision. The case is Chilton v. Moser. What happened? Shirley died in 2007 naming Janice as beneficiary of her $170,000 IRA. Janice opened an IRA titled, “Janice, beneficiary of Shirley IRA” and ...
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  • For Professional Advisors, Clients, Business Owners Asset protection is an increasing focus in our practice. In its March 4, 2011 Tax Letter, Kiplinger gave the impression that inherited IRAs are exempt from creditors and in bankruptcy, citing an Arizona case. For now, that’s not the case in Illinois. Allow me to explain: In the case cited by Kiplinger, Kay Theim and her husband filed for ...
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