Reserve Your Seat For A FREE Estate Planning Workshop
• Does my Will protect my “stuff”? (It does not.)
• Should I upgrade my Will to a Trust?
• What do I need to know about Revocable Living Trusts?
• How do Irrevocable Trusts work?
August/September Workshops: Tues., Aug. 20 – 4 pm
Aug. 22 – 11 am
Sept. 5 – 11 am
Sept. 11 – 6 pm
Sept. 17 – 4 pm
Sept. 19 – 11 am
• Medicaid. What’s true and what’s not?
• How do I protect my assets for my family and legacy?
• How do I remain in control?
• How do I avoid losing everything to nursing home costs?
• How can my family avoid probate?
Attend our FREE Educational Workshops. Reserve your Spot and Get a FREE Consultation for attending the Workshop (a $500 Value) CODE: herald2023
1100 Cambridge Square | Suite B | Alpharetta, GA 30009 | 770.209.2346 | esther@gklawgroup.com
Settling an estate
Brought to you by - Estates Law Center USA
What if you didn’t have a Trust and now the executors are settling an estate — but the decedent owes money. What can the creditors take and what is reserved for the inheritors? There is no easy answer, and a variety of federal and state laws apply.
To start with, retirement accounts that qualify under the Employee Retirement Income Security Act are generally protected from creditors, bankruptcy and civil lawsuits. But they’re vulnerable to ex-spouses and the IRS — in the form of child support, federal income tax debts, criminal fines and penalties, or civil or criminal judgments. Some states shield IRAs in nearly all instances, while others offer only limited protection.
IRAs and 401(k) plans may be protected from creditors in bankruptcy proceedings. If you declare bankruptcy, your IRA assets are usually safeguarded and cannot be seized. Depending on state law, your IRA assets may be protected from other creditors, but rules vary.
Beneficiaries of IRAs aren’t always afforded the same creditor protection as the original account owner. The U.S. Supreme Court has ruled that an inherited IRA for a non-spouse beneficiary is no longer protected from creditors’ claims when the
beneficiary files for bankruptcy. Spouses can roll over inherited IRA assets into their own accounts, but non-spouse beneficiaries cannot commingle inherited IRA assets with their own retirement assets.
The Supreme Court’s decision highlights the importance of beneficiary designations for each of your retirement accounts. For situations where creditor protection is a primary concern and ERISA protection isn’t available, using trusts as beneficiaries is a popular option. If your children are listed as beneficiaries and have financial issues, divorce, disability or face debt collectors, you can go the route of a trust, which may offer more protection. Talk to a professional about trusts that can protect loved ones.
There are many complex rules and regulations, and only a professional can help you decide what is right for you. The point is that whether you are planning your Trust, Will, planning to inherit or serving as an executor or Trustee, you can’t assume anything — work with an Expert attorney!
As a dedicated Business Development Officer specializing in small businesses at Touchmark National Bank, Carlos Rodriguez leverages over 20 years of banking experience to assist business customers in identifying and capitalizing on growth opportunities. In addition, as an ambassador for the Alpharetta Chamber of Commerce, Carlos is a trusted resource in the community, recognized for his commitment to fostering strong business relationships and promoting trust within the business community.
Touchmark National Bank also offers special competitive deposit rates to help businesses maximize their financial potential. With a focus on banking resources, Carlos is passionate about helping small businesses thrive and achieve their financial goals through building lasting relationships based on trust and mutual success.
At Touchmark National Bank, we provide a comprehensive range of products, tools and resources tailored to streamline processes and support the unique needs of each business we serve. We are dedicated to making a positive impact in the business community and are committed to helping businesses succeed and grow through meaningful relationships built on trust and collaboration.
To learn more, contact Carlos Rodriguez at 770-407-6700 touchmarknb.com
RODRIGUEZ
PROVIDED
INVESTIGATIVE REPORTING
While covering Milton election operations, Appen Media analyzed historical voter data and identified possible disenfranchisement.
This reporting caused a statewide watchdog to get involved and, eventually, the city moved to add a polling place to the area. Later in the year, Appen discovered that the feasibility report the City Council used when voting to run their own elections was not the original document. Two residents on a working committee had altered it after city staff had completed it and before its presentation to council. Appen Media reporters identified all of the differences between the two documents and then created an interactive digital document. Readers and officials were able to scroll through the materials and read notes from the newsroom explaining the differences. You can find this document at appenmedia.com/electionsreport.
