The old rule: IRAs were exempt from creditor claims in bankruptcy. Now there’s an exception: IRA money left to your children will not be immune from their bankruptcy creditors, thanks to a recent U.S. Supreme Court decision.
But there is a way to deal with this and reset the protection. Read more
Do you own all or part of the company you work for? Your equity doesn’t die with you.
So your family and heirs don’t have to shrug their shoulders, send out a “We’re sorry to announce . . .” letter, and walk away from the value you’ve built up. I.R.S. won’t be walking away from it.
Impossible? No. How about your business phone number? It’s an asset which could be sold if you stop working, voluntarily or otherwise. The same goes for key files and lists.
That’s why I.R.S. stays interested.
But a “Buy-Sell Agreement” makes things easier for your family with I.R.S. by locking values into place. Read more