Category Archives: Uncategorized
SHOULD I PUT MY HOUSE IN MY LLC?
Clients who have formed, or are forming, a limited liability company (“LLC”) often ask whether they can put their primary residence in their LLC. Below are some of the reasons this is a bad idea: Idaho provides a $100,000 homestead exemption that protects your personal residence from the claims of unsecured creditors. By putting your… Read More »
To get married or not – Some Issues to Consider
WE NOW CAN GET MARRIED, BUT SHOULD WE? The table below lists some of the advantages and disadvantages of marrying versus remaining unmarried. Note, however, that when any two people marry, which laws apply can be confusing. For example, many Federal statutes vary in their application depending on whether the marriage is recognized in the… Read More »
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 »
Estate Planning – Now More Complicated than Ever Even for “Non-Taxable” Estates
If you consulted with an estate planning lawyer at any time prior to 2010, more likely than not, your discussion of taxes focused firstly on how to avoid the Federal and state estate and gift taxes and secondly on income and capital gains taxes. Due to recent changes to the US tax code, for the… Read More »
Ten Thoughts (Well, OK, Eleven) To Consider This Year End
The President’s 2014 Budget proposals issued in April earlier this year are still being considered by the Congressional Budget Committee. Also, many people wrote their wills and revocable trusts when the amount exempted from Federal gift and estate taxes was much lower. Therefore, the following are a few ideas (and there are many others) for… Read More »
PROTECTING THE TAX-DEFFERAL NATURE OF YOUR IRA FOR YOUR FAMILY AND LOVED ONES
PROTECTING THE TAX-DEFFERAL NATURE OF YOUR IRA FOR YOUR FAMILY AND LOVED ONES On April 23, 2013, in Rameker v. Clark[i], the US Court of Appeals for the 7th Circuit stated that an inherited IRA (where the individual beneficiary is not the spouse) is not exempt from creditors. The court reasoned that that kind of… Read More »
WHAT THE GOVERNMENT GIVITH, THE GOVERNMENT CAN TAKE AWAY!…. A NEW DEFINITION OF THE WORD “PERMANENT”
‘When I use a word,’ Humpty Dumpty said in rather a scornful tone, ‘it means just what I choose it to mean – neither more nor less.’ Lewis Carroll Just three and a half months ago, Congress and the President heralded the American Taxpayers Relief Act of 2012 as one that made “permanent” the… Read More »
