RETIREMENT PLAN TRUSTS – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA INTRODUCTION The United States Supreme Court in a 9-0 unanimous ruling held that an inherited IRA is not protected in bankruptcy under federal law.[1] Heidi Heffron-Clark inherited an IRA from her mother in 2001 and filed for bankruptcy nine years later. The court held that the IRA was not shielded from…
How to Provide For Your Grandchildren – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY: GRANDPARENTS USE BOTH ESTATE PLANNING AND LIFETIME GIFTS TO ASSIST GRANDCHILDREN Harry and Sally have two grown children and four grandchildren who are all under age 18. Harry and Sally are close to their children, Bill and Irene. The grandchildren are a source of joy and pride and occupy a…
Are Your Assets Protected From Creditors: Are You Bullet-Proof? – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA Many business and professional people have worked for a long time and have accumulated significant assets. They hope to benefit themselves and their families during their working careers and also in retirement. The first step in asset protection planning would be to do a risk analysis. What are the likely litigation threats…
How to Plan For Your Business – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: INADEQUATE BUY-SELL AGREEMENT LEADS TO LITIGATION Three physicians are in practice together. Their corporation was formed 15 years ago, at which time articles of incorporation were filed, a buy-sell agreement was signed, stock certificates were issued, and all basic corporate formalities were followed. The buy-sell agreement provides a cross-purchase…