Thursday, June 12, 2014

Inherited IRAs not safe in bankruptcy

The U.S. Supreme Court held today that inherited IRAs are not “retirement funds” under U.S.C. §522(b)(3)(C), and are not protected from creditors in bankruptcy proceedings. (Clark v. Rameker (June 12, 2014) U.S. Supreme Court, Case No. 13-299)

Bankruptcy laws protect retirement accounts from the reach of creditors, and the lower courts have been inconsistent in determining whether this protection extended to inherited IRAs. Today’s decision makes it clear that is does not. However, this decision only applies to inherited IRAs.

To view the full Supreme Court opinion, go to:

Monday, June 9, 2014

The True Cost of China’s Fakes

​I don't know if the NYT editor read this OpEd before publishing it. First, IMO, it's a stretch to say using AliPay demonstrates distrust? How is that that much different from us using credit cards to make online purchases when we are protected from ​​unscrupulous vendors. And how many taxpayers around the world, not just those in China, would like to see a refund of their income taxes if their government doesn't ​keep its commitments? This article is total rubbish.