A bankruptcy cannot save an Executor. Executors are generally personally liable for estate taxes if they distribute property to beneficiaries before paying an estate tax obligation. And, according to at least one case, the executor may not discharge that personal liability in a later bankruptcy. Carroll v. United States, 2009-2 USTC par. 60,577 (May 6,… Continue Reading
Author Archives: John
Asset Protection 101: Be Careful With Joint Accounts
Many people set up joint accounts with spouses, children, elderly parents or business partners. But beware. If that joint account owner has a divorce, a tax lien, or gets garnished after a lawsuit judgment, all of the money in the account(s) may be exposed. In the case of spouses, joint accounts are not necessarily an… Continue Reading
Business and Obamacare
How does Obamacare affect your business? There is a new government website at Business.USA.gov/healthcare that offers employers information and educational materials on how the Affordable Care Act will affect their businesses. Among other things, the site provides businesses with content on tax credits and other provisions in the law. The site can help you learn… Continue Reading
Walk With an Expert
Walk With an Expert on November 27 from 8:15 – 9:15 am. Join John as he takes a walk starting at the Northshore YMCA where he will share his knowledge regarding elder law, estate planning and asset protection. This event is free & open to the community.
Asset Protection 101: First in an Occasional Series
Begin your asset protection planning early. That is probably the most fundamental rule with such planning. You must begin and implement any asset protection planning before a judgment, lawsuit, legal claim, divorce or other threat arises. Starting after any one of these storm clouds forms is too late; asset protection planning can do nothing for… Continue Reading