by Christine Brown | Jan 18, 2019 | Bankruptcy, Estate Planning, Inheritance, Trusts |
By Torrance Trust and Estates Lawyer, Christine Brown For some families, bankruptcy is the only way out from living under a mountain of debt. Filing for bankruptcy is a not a decision most people enter into lightly as the process can have a number of long-term and...
by Christine | Oct 24, 2014 | Asset Protection, Bankruptcy, Bequest, Individual Retirement Accounts (IRA), Inheritance, Inherited IRAs, IRA Rollover, Irrevocable Trust, Living Trust, Probate, Trusts, Wills |
As a result, financial advisers and families are taking steps to shield IRA assets for children and other beneficiaries in case those heirs ever find themselves in bankruptcy proceedings. Is your IRA protected from creditors in the event of bankruptcy? Not anymore....
by Christine | Dec 10, 2013 | Asset Protection, Bankruptcy, Estate Planning, Inherited IRAs, Supreme Court |
While the dispute over inherited IRAs has not arisen often, it may crop up more in the future. Does an "inherited" retirement account remain a retirement account for the intended heir? This may sound like a rhetorical question, but it is currently one before...
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 | Jun 15, 2012 | Asset Protection, Bankruptcy, Debtor/Creditor |
If property is absolutely and totally exempt from creditors, there is no way that creditors can get at that property, right? Wrong. In re Wilson illustrates how the misconduct of a debtor can allow a creditor to get at exempt assets. The law between creditors and...
