Creditors Can Snatch Your (Inherited) IRA, Supreme Court Rules

A U.S. Supreme Court ruling has just made estate planning a lot more cumbersome for some high-net-worth parents who want to leave tax-free money in a Roth IRA to a child. Retirement accounts are protected from creditors in bankruptcy cases so people don’t wind up destitute in old age. However, the court unanimously ruled on Thursday that this is not the case for those who inherit IRAs. The court decision involves a case of a woman who inherited about $450,000 in an IRA from her mother …

New IRS Message to Taxpayers: We’ve Got Your Back

The recently installed head of the Internal Revenue Service, John Koskinen, dropped in on members of the media the other day at the National Press Club in Washington. His message: The tax collection agency is out to restore public trust amid accusations the IRS acted inappropriately in reviewing tax-exempt status for certain public welfare groups, known as 501(c)(4) organizations. “Taxpayers need to be confident that the IRS will treat them fairly. It doesn’t make any difference who they are, what …