Category Archives: Retirement Assets

Divorced? It is time to update…

soapboxLet me guess.  The last person you want to see after a divorce is me, another dad-gum lawyer.  I don’t blame you.

However, before you say that, know this: your designated beneficiary did not change just because you got a divorce.  Here I am referring to life insurance, retirement accounts such as 401(k)’s and IRAs, and anything that allows you to name a beneficiary.  If you did not change your beneficiaries after you got a divorce, then your ex-spouse probably gets everything if something happens to you.

In both Arkansas and Tennessee, provisions to an ex-spouse are revoked.  This is not the case in Mississippi.  In Mississippi, the provisions for the ex-spouse remain and he or she takes whatever you may have left them—perhaps everything.

No matter where you live, it is still time to revise your Will.  Had a knowledgeable probate judge not been on the bench when Lorenzen Wright’s ex-spouse walked into probate court with his Will that left her everything, she might have been appointed in control of his estate.  In fact, she tried.  Order opening estate of Lorenzen Wright

Now you’re thinking (perhaps cynically)—there’s nothing left to get. Ok. Even if that’s true now, that may not be true five or ten years from now.

When will you update if not now?

Its time for an update.

Stay Tuned.

Rob Malin

Are Inherited IRAs Exempt from Bankruptcy?

UPDATE: The Supreme Court has ruled on this matter.  Click here to read more.

Are Inherited IRAs Exempt from Bankruptcy?  That is the exact question that will be argued before the United States Supreme Court.  Click here to read more.  Keep up with the latest on the case by clicking here.

An Inherited IRA is what your retirement account is called in the hands of your named beneficiary (e.g., your child) after you have passed away.

There is no question as to whether retirement assets are exempt in bankruptcy.  The question before the Court is whether Congress intended an inherited retirement account to be included in that protection.

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