Individual Retirement Accounts are considered to be exempt retirement funds within the meaning of the federal bankruptcy law. However, in a unanimous decision, the Supreme Court recently held that inherited IRAs do not qualify for protection from creditors in bankruptcy. An inherited IRA is just what the name indicates, an IRA inherited from anyone except[…]
We had a question come up at work a few weeks ago and I think it’s a good strategy that few people take advantage of. One of our customers, let’s call him Bob, wanted to buy a car for his grandson. Bob was due to receive a large settlement from a lawsuit in a month[…]
If you are looking for a way to reduce your 2013 tax bill, you may want to consider making an IRA contribution. It’s not too late, IRAs may be funded until April 15, 2014 for a deduction on your 2013 tax return. In order to make an IRA contribution you must receive earned income. The[…]
Looking for a way to reduce your 2012 tax bill? If you have earned income and meet certain other requirements, you might want to consider making a contribution to an individual retirement account (IRA). It’s not too late; IRA contributions must be made on or before April 15, 2013 for a deduction on your 2012[…]