The Thy Will Be Done Law Blog
The Thy Will Be Done law blog. From California estate planning law and celebrity Wills (or lack thereof, a la Prince) and probate disputes (Aretha Franklin) to estate matters around the world (the estate of Queen Elizabeth II) and in antiquity (Attalus III, who willed his kingdom to the Roman Republic), as well as pieces of a more academic nature, join attorney Ryan J. Casson for interesting and informative legal overviews and inheritance accounts from the trusts and estates world. Please click the Legal Disclaimers link below and be reminded that nothing on this website may be used as legal, tax, or financial advice, and that content on this website is based on laws that existed at the time. Laws can change.
New California Law Puts Retirement Accounts at Risk — What You Can Do
When most people think of “asset protection,” they’re really thinking about two different kinds of protection. The first is creditor or lawsuit exposure—what happens if someone gets a judgment against you in California state court. The second is bankruptcy protection—what happens if you have to file bankruptcy and a trustee reviews your assets.
Retirement accounts have always been a cornerstone of asset protection planning, but recent changes in California law mean that not all retirement accounts are treated the same.
IRS’ SECURE Act Final Regulations for Required Minimum Distributions: Another Summary
The Final Regulations clarify various ambiguities, including but not limited to the following: Special rules for surviving spouses that extend the time period in which the surviving spouse can “stretch” the account. This is one of the biggest and most advantageous takeaways from the Final Regulations. Another major “win” for families are the special rules for children of the deceased participant who, at the time of the participant-parent’s death, had not reached the age of majority. In short, if the child was a minor (under the age of 21), there may be planning strategies available to “stretch” the IRA.
New IRA Rules for You and Your Living Trust
As you may or may not be aware (if you’re not, you need to be!), at the end of 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Since then . . . Ryan works to assist his California clients understand how death, trusts, beneficiary designations, and retirement and inheritance objectives intertwine with the SECURE Act in light of the long anticipated, and now received, Final Regulations.