Thursday, August 28, 2014

Clark v. Rameker and the Inherited IRA

by William W. Erhart, Esq.

As you also know, for most Americans, the largest asset we typically have is our house, but the second largest asset we typically have is our qualified retirement plan, such as an IRA.

We do not usually have to worry too much about our own IRAs with regard to asset protection. Qualified retirement plans, for the most part are exempt from the execution process. That means that judgment creditors cannot attach IRAs if we are unfortunate enough to have a car accident or get otherwise sued and have a judgment against us.

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Thursday, June 5, 2014

The New Estate Planning Landscape

by Marshal S. Grant, Esq.

Economic Growth and Tax Relief Reconciliation Act of 2001

For many years, estate planners have struggled with uncertainty in federal transfer tax law. EGTRRA, the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Bush Tax Cuts") immediately increased the estate tax exemption from $675,000 in 2001 to $1,000,000 in 2002, increasing to $3,500,000 in 2009 with full repeal of the estate tax scheduled for 2010. However, EGTRRA contained "sunset provisions" which required a return to the old law unless Congress acted to preserve the changes.

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Monday, April 15, 2013

Wills vs. Revocable Living Trusts

by Scott Nelson, Esq.

Is a will or revocable living trust the better primary estate planning document?

Here are several things to consider:


  • Wills offer a measure of simplicity. A will is one document, as opposed to a trust, which also requires a "pour-over" will - "pouring over" any assets not transferred into the trust during the grantor's life. 
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Monday, July 25, 2011

Transfers to a Completed-Gift Asset Protection Trust

by Edward D. Brown, Esq.

The “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“TRA 2010”) was enacted on December 17, 2010. TRA 2010 allows gifts of up to $5 million without incurring any gift tax. If one is married, the $5 million can be doubled to $10 million if the couple gift-splits. Unfortunately, the provisions of TRA 2010 sunset at the end of 2012. So, without further Congressional action, on January 1, 2013, the lifetime gift tax exemption reverts to $1 million ($2 million for couples). There are planning strategies that should be considered during this possibly small window of opportunity.

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