One of the largest concerns of many “more mature” clients is their readiness to pay for long-term care if it becomes necessary. With the nursing home costs median over $100,000 per year, a couple’s liquid assets can quickly evaporate if one or both spouses require long-term care for a number of years. The latest annual …
If a loved one dies, are you responsible for his or her unpaid debts? The FTC Consumer information website includes helpful information about dealing with the debts of a deceased relative. While FTC’s information is great – here’s my best advice: Check with an Attorney! An attorney can help you navigate the process and deal …
A unanimous Supreme Court decision in the Clark v. Rameker case has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., inherited IRAs are not protected from creditors of the beneficiary in bankruptcy. The Court ruled that an inherited IRA does not fall under the Bankruptcy Code §522(b)(3)(C) exemption which states that …
How can a macro-economic event, such as when the United Kingdom voted to exit the European Union, impact everyday people and corporations and help them emerge from bankruptcy protection in the United States? When the UK voted to exit the EU, this caused a significant panic in the investment community, particularly investments in foreign stocks. …
It’s no secret that pension plans around the country are in trouble. The financial crisis of recent years has not only affected the value of securities and other investments, but has contributed to the failure of key businesses, and has caused many pension plans to become underfunded. What may come as a surprise to contributing …
In early June 2015, the U.S. Supreme Court ruled that homeowners who have an “underwater” second mortgage on their home – one with a mortgage balance that exceeds its current value –cannot be stripped off or dismissed in a Chapter 7 bankruptcy proceeding. This recent court decision is going to dramatically impact homeowners who are …
Like most people, I am often asked what I do. My typical answer is “I’m a forensic accountant.” This gets me some puzzled looks and usually prompts a few questions. “What does that mean?” “Do you do accounting on dead bodies?” (One of my favorite questions ever?) “OK… what is that?” So what is Forensic …
On April 14, 2010, Judge Kevin J. Carey, Chief Judge of the United States Bankruptcy Court for the District of Delaware, issued a decision in the Pillowtex bankruptcy case that has significant implications with respect to the ordinary course of business (“OCB”) defense. Pillowtex filed for bankruptcy prior to the 2005 expansion of the preference …