While you are alive the money in your retirement account enjoys a special status. We call that status asset protection. This means the money is immune from lawsuits and creditor claims which may or may not be fair. The great thing about your retirement accounts is that you can pass any unspent money to your
President Obama signed an act called Achieving a Better Life Experience Act on December 19, 2014. This is now called the ABLE Act. This new law will allow certain individuals with disabilities to create tax-free savings accounts. These savings accounts will be available for certain folks who are qualified for Medicaid to use to cover
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
On June 12, 2014, the U.S. Supreme Court—in a unanimous decision—ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement assets and as a result will not be protected from the beneficiary’s creditors in bankruptcy.
The rationale behind this is
What if Treating Your Children Fairly Means Unequal Inheritances?
When planning their estate, most parents try to treat their children equally in an effort to be fair. However, sometimes being fair or doing what’s right by your children may not mean equal or the same inheritances.
The Key Takeaways