Thanks to the assistance of Michelle Ward of Keebler & Associates, LLP for bringing to our attention a recent case regarding bankruptcy exemption for inherited IRAs. The 7th Circuit Court of Appeals has reversed a district court’s ruling extending bankruptcy exemption to an inherited IRA (Download Case). In Clark, the Wisconsin district court had previously reversed the bankruptcy court’s decision and allowed an inherited IRA to be exempt from the bankruptcy estate. The debtors, Mr. and Mrs. Clark, filed for chapter 7 bankruptcy in 2010. Mrs. Clark had inherited an IRA from her mother in 2001. Neither Mr. nor Mrs….
Roth IRA Conversion Recharacterization Permitted
At The Ultimate Estate Planner, Inc. it’s important to us to keep our customers and the rest of the estate planning community informed about very important and exciting updates as it happens. A special thank you to Michelle Ward and Robert Keebler for this wonderful article featured on WealthManagement.com. Roth IRA Conversion Recharacterization Permitted by Michelle L. Ward Taxpayer relied on financial advisor’s advice In Private Letter Ruling 201235030 (June 6, 2012), received by Keebler & Associates, the Internal Revenue Service granted the taxpayer an extension to recharacterize his 2009 Roth individual retirement account conversions. Facts In 2009, the taxpayer…
Keebler & Ward on Taproot v. Commissioner: Roth IRA Not Eligible Shareholder of S Corporation
Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. Traditional IRAs are not eligible S corporation shareholders under Rev. Rul 92-73 on the theory that the beneficiary of a traditional IRA is not taxed currently on the IRA’s share of the S corporation’s income. But what about Roth IRAs? In Employee Benefits and Retirement Planning Newsletter #506 Bob Keebler provided LISI members with his analysis of the initial Tax Court decision in Taproot, that at the time supplied the answer to the fascinating question set out above….
Leimberg Information Services: 60-Second Planner on Fifth Circuit Affirms Chilton on Inherited IRAs
Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. Nationally renowned CPA, Robert S. Keebler, recently produced an audio recording for Leimberg Information Services on the court ruling in the Chilton case pertaining to Inherited IRAs. CLICK HERE TO LISTEN TO THE LEIMBERG 60-SECOND PLANNER RECORDING Special thanks to Robert S. Keebler and Stephan Leimberg for sharing this valuable information! Additionally, Robert Keebler is gearing up for his upcoming Learn it Live 2-day IRA seminar in Green Bay, Wisconsin on May 14-15, 2012 and just announced a…
Senate Highway Bill S.2132 Brings Back Mandated 5-Year Rule for Payout of Inherited IRAs
A special thanks to Robert Keebler of Keebler & Associates, LLP for bringing to our attention the Senate Highway Bill S.2132, which brings back the mandated 5-year rule for Inherited IRAs (with some exceptions). This obviously has a lot of estate planning professionals on edge to see what’s going to happen with respect to retirement benefit planning for clients this year and beyond. The entire Bill can be found on the Library of Congress’ website. To view S.2132, click here. Robert Keebler has a phone call into Senator Baucus’ office to confirm and will be posting more updates in the…
Betting On A Roth Conversion
By Allan Roth Reposted from Financial-Planning.com Long ago, there wasn’t much that planners had to worry about as far as taxes except for lawmakers changing tax law. Now we have to worry that, if Congress does nothing, taxes will jump in 2013. In these financially tumultuous times, Roth conversion strategies can reduce risk substantially for clients in 2012. UNKNOWNS FOR 2013 Regardless of whether Republicans or Democrats prevail in controlling the White House and/or Congress in November, there is likely to be an impact on tax law. If nothing is done, the Bush-era tax cuts will expire and the highest…
Bob Keebler on Roth Conversions in 2012: Now’s the Time to Convert
Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. “For more than 14 years, we have been advising clients about converting to a Roth IRA. For the first ten years, most of our collective efforts focused on the long-term strategic benefits of converting to a Roth IRA with us preparing complex spreadsheet analyses on the front-end to determine an ‘ideal amount’ to convert. Like other tax professionals, with the extreme volatility of the stock market in recent years, our Roth IRA conversion paradigm has shifted. Instead of…