US high court decision surprises estate-planning attorneys
Estate-planning lawyers are contacting clients about a big change in the law when it comes to protecting retirement funds meant to pass by inheritance.
US high court: Inherited IRAs not protected in bankruptcy (UPDATE)
A unanimous U.S. Supreme Court ruled Thursday that inherited Individual Retirement Accounts are not shielded from creditors in bankruptcy proceedings, a decision that clears up confusion about the status of unspent IRAs that parents leave to their children.
Justices ponder if inherited IRAs get bankruptcy shield
In a case that turns on the definition of two words in the expansive language of the Bankruptcy Code, the justices of the U.S. Supreme Court tried to determine whether an inherited retirement account can be shielded from bankruptcy liquidation.
7th Circuit says inherited IRA isn’t exempt in bankruptcy
An IRA that a debtor inherited from her mother was not exempt from creditors’ claims in her bankruptcy case, the 7th U.S. Circuit Court of Appeals has ruled in reversing judgment.
Retirement planning for solo attorneys
More lawyers than ever are going solo, whether by choice or out of necessity, according to recent statistics.
Court rules tax on income from inherited IRA couldn’t be avoided
An unreported retirement distribution related to an inherited individual retirement account is taxable, regardless of the taxpayer’s maneuver to obtain the funds through a trustee-to-trustee transaction, the U.S. Tax Court has ruled in upholding a $13,600 deficiency assessment.
Legal News
- CIA is obstructing justice and witness tampering in Havana Syndrome cover up, attorney says
- Wisconsin Supreme Court will decide whether mobile voting sites are legal
- WisDOT honors Wisconsin State Patrol staff for going above and beyond to keep communities safe
- Milwaukee Men sentenced to Federal Prison for pharmacy robberies and firearms offenses
- Man arrested in death of 4-year-old was previously convicted of killing another pedestrian
- Justice Department strengthens efforts, builds partnerships to address the crisis of Missing or Murdered Indigenous Persons
- Wisconsin lawyers file University of Wisconsin public records request seeking answers to protests
- Wisconsin Supreme Court issues orders amending Supreme Court rules and Wis. Stats.
- EXCLUSIVE: Former Milwaukee ‘big law’ partner attacks news media for bias against Trump
- Former Milwaukee election official fined for obtaining fake absentee ballots
- Contract dispute prevents airing of 15 regional sports networks, impacts Brewers
- Wis. middle school focuses on recovery as authorities investigate shooting
WLJ People
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