Posted in TaxationLast Thursday, the United States Supreme Court ruled in Clark v. Rameker that funds held in inherited individual retirement accounts (IRAs) are not “retirement funds” for bankruptcy purposes. In October 2010, the Clarks filed for bankruptcy and claimed that Heidi Clark’s $300,000 inherited IRA was exempt from their bankruptcy estate under Section 522 of the… Continue Reading
Posted in Estate and Trust PlanningWhen discussing your estate planning needs with your attorney, after you discuss basic terms and concepts, your attorney will likely talk to you about the different types of revocable living trusts that may be appropriate for you. If you are married, this may include a discussion about a revocable living trust structure commonly referred to… Continue Reading
Posted in Estate and Trust PlanningAre you having trouble completing or updating your estate plan, although you are convinced you should? Maybe you have a referral to an attorney recommended by a friend or other advisor, but you haven’t yet scheduled the first meeting? Or you have attended the first meeting with your estate planning attorney, but you can’t quite… Continue Reading
Posted in Estate and Trust PlanningIn my two previous posts, I discussed the value of comprehensive estate planning even if you have a small estate or you want everything to go to your spouse. In this last installment, I will address the most common reason I hear from clients who say they don’t need an estate plan, which is, “I… Continue Reading
