In a recent decision (Bobrow v. Commissioner, decided January 28, 2014), the U.S. Tax Court held that taxpayers may only make one tax-free IRA rollover per year, no matter how man IRA’s the taxpayer owns. The taxpayer in Bobrow had two IRAs and made a withdrawal from each of them. He re-deposited the funds within… Continue Reading
Category Archives: Asset Proection
IRA Basics
Here are some of the fundamental aspects of Individual Retirement Accounts. IRAs can be broken down into two main categories: Traditional IRA and Roth IRA. With a traditional IRA, you contribute money to the account and get a tax deduction for the contribution. The money can then be invested tax free while in the account. … Continue Reading
Asset Protection 101: Offshore Accounts?
Moving your assets to an offshore account in this day and age may not be as effective a strategy a you might think. A number of courts have issued “repatriation orders” to debtors who moved their assets offshore. If a debtor fails to comply with the order, the court can issue a bench warrant for… Continue Reading
Asset Protection 101: Buy Insurance
Everyone should buy insurance. Asset protection planning is not a substitute for insurance. Liability and professional insurance should be your first line of defense against a lawsuit. Trusts, entities and other asset protection vehicles are merely a supplement to insurance. If you are a professional you should carry the appropriate malpractice insurance and have high… Continue Reading
Have Investment Property? Protect Yourself
If you have investment property or expect to invest in real estate, you should create a business entity to own the property in order to protect yourself. Then if a tenant or other person sues you for an injury they sustained while on the property, only the assets in the company (the property itself) will… Continue Reading