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Inherited IRAs May be Fair Game for Creditors

In Clark v. Rameker, the United States Supreme Court recently (June 2014) decided that inherited IRAs were not entitled to bankruptcy protection under the federal bankruptcy code. Although inherited IRAs continue to remain protected in bankruptcy under the Arizona exemption laws, many descendants inheriting IRAs from Arizona decedents may live outside Arizona and their inherited [...]

Expiring Tax Cuts and New Taxes

As of January 1, 2013, the Bush era tax cuts will expire and whether we go over the fiscal cliff or not, there are issues of concern to all investors, including retirees. The 15% tax rate on dividends will expire and recipients will pay tax on those dividends at their marginal tax rate up to [...]

End of the Year Notes – Gifting

Much has been written about strategies for taking advantage of the historically unprecedented $5,120,000 exclusion from gift taxes that is available for gifts during 2012.  Time is running out on the ability to make and document such gifts before the end of the year. Of course the furor is all about what happens if the [...]

Should I Use A Beneficiary Deed?

Arizona was the first state to recognize beneficiary deeds as a method of transferring property at death.  At the time this article is written, Arizona has been joined by 16 other jurisdictions and the list is growing larger.  Why is it so popular? A beneficiary deed allows you to retain ownership of your property [...]

What Is Probate?

Probate  is the court process by which a Last Will and Testament is proved valid or invalid. Its name is derived from a Latin root word that means “the truth.”  It is also the legal process whereby assets of a decedent are administered.  “Administration” means finding, collecting, and distributing assets in kind or after liquidation [...]