Originally published in Anderson Kill Estate Planning & Tax Advisor (Autumn 2014)

On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker (134 S. Ct. 2242) that inherited IRAs are not exempt from the claims of creditors of a beneficiary who has filed for bankruptcy. The Supreme Court held that they are not protected “retirement funds” under the Bankruptcy Code. An inherited IRA is a traditional or Roth IRA that is […]

The US Treasury Department and the Internal Revenue Service recently announced their intention to issue regulations limiting certain tax-driven inversion transactions. In these transactions, a US parent company typically becomes a subsidiary of a company seated in a jurisdiction with a lower effective corporate income tax rate. The proposed regulations tighten the ‘80% ownership’ test, address the tax treatment of loans made by the inverted US company’s foreign subsidiaries to the new foreign parent […]