by Christine | Apr 15, 2013 | Asset Protection, Bankruptcy, Individual Retirement Accounts (IRA) |
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the first $1 million of IRA and Roth IRA funds are protected (or exempt) in bankruptcy. This amount is reviewed every three years and increased as needed. For example, the $1 million...
by Christine | Apr 12, 2013 | Asset Protection |
It is, of course, painfully difficult to call what Reed and Cohen put together anything like valid asset protection planning. Sadly, at a certain low level this is the standard of practice, such as it is, that goes on with mass-marketed asset protection planning....
by Christine | Apr 11, 2013 | Art, Estate Planning, Illiquid Assets |
Despite Mr. Simpson’s collection of museum-quality art, some of it housed in the Manhattan gallery he owned, which is now under lock and key, his family said it lacked the money for a burial. A million dollars worth of art is quite a collection! But this...
by Christine | Apr 10, 2013 | Estate Planning, LIfe Insurance |
Rather than talk with a high-pressure insurance agent, you might be tempted to simply start plugging numbers into one of the many life insurance needs calculators out there on the Internet. But even if one asks all the right questions, it can be tough to decide the...
by Christine | Apr 9, 2013 | Elder Care, Elder Law |
In hospitals, nursing homes, doctors’ offices, pharmacies and insurance companies, professionals may cite Hipaa as a reason to restrict information. Some patients even have trouble accessing their own health records, supposedly because of the privacy law. We tend to...
by Christine | Apr 8, 2013 | Estate Planning, Inheritance |
The ugly truth is money can’t buy love. But it can be used to try to hurt the people you say you love. When planning your estate, you may want to assess the “fairness” of the inheritance you plan to leave behind and any potential hurt feelings along the way. You see,...
by Christine | Apr 5, 2013 | Family Business, Succession Planning |
The silent party to all the fighting is, of course, Luray Caverns. It is not just a U.S. Natural Landmark. It is also a business, and businesses can suffer when their owners are at war with each other. Family businesses have a tough time passing from generation to...
by Christine | Apr 4, 2013 | 2012, Gift Tax, Tax Return |
You must report 2012 gifts on Form 709 even if you don’t owe tax. Among other things, that’s so the IRS will know how much of the $5.12 million ($5.25 million for 2013) tax-free amount you have used so far. April 15 is approaching fast, and the tax man is ready to...
by Christine | Apr 3, 2013 | Art, Estate Law, Estate Planning, Illiquid Assets, Valuation, Valuation Discount |
Artwork can be really valuable. Thus, it is hardly surprising that artwork will be a contentious matter in estate tax cases. When it comes to estate planning, determining the value of artwork can be disputable and very difficult to pin down. However, in order to fit...
by Christine | Apr 2, 2013 | Asset Protection, Estate Planning, Marriage, Prenuptial Agreement, Trusts |
…In general, I highly recommend that couples negotiate the financial terms of their marriage and each partner’s role before saying their vows. If you keep up on celebrity gossip as it relates to those high-profile marriages and divorces, you often hear that six letter...
