Category Archives: Asset Protection
THE US SUPREME COURT RULES THAT INHERITED IRAS ARE NOT PROTECTED IN BANKRUPTCY, HOWEVER, STATE LAW MAY OVERRULE THAT!
When an individual files for bankruptcy, the Federal Bankruptcy Code permits the debtor to exclude certain types of assets from the “bankruptcy estate” and thus protect them from his or her creditors. One of the types of assets excluded from the estate are “retirement funds” (11 U.S.C. x 522(b)(3)(C)). On June 12, the US Supreme… Read More »
If you own several income producing properties or businesses, then lawyers typically recommend placing each property and/or business in a separate legal entity such as a limited liability company (“LLC”) so that creditors of one entity will not have access to the assets of any other entity or the personal assets of the owner. A… Read More »