Planning is a process, isn’t it? Business can be affected in a minute by clients, competitors, changes in rules and regulations and our fragile economy. Life can change in a second with marriage, birth, health, finances and other considerations. This constant motion can impact even the well-thought plans.
In this issue…
June 12, 2014 Supreme Court Decision Affects Inherited IRAs
Understanding The Business Implications of The Compassionate Use of Medical Cannabis Act.
While change is inevitable, the process of planning is essential. The team at Anthony J. Madonia & Associates, Ltd. is available to assist in Providing The Right Direction™.
A recent United States Supreme Court decision will change how Inherited IRAs are treated for bankruptcy and asset protection purposes: Upon the death of the original IRA participant, the IRA benefits the named beneficiary.
The United State Supreme Court decision on June 12, 2014 determined that Inherited IRAs are not “retirement funds” and are not entitled to the same bankruptcy and creditor protections afforded to participant-owned IRAs.
The Compassionate Use of Medical Cannabis Pilot Program Act legalizing medical marijuana was signed by Governor Quinn on August 1, 2013, and went into effect on January 1, 2014. The passage of the Act legalizes the prescription, sale and use of medical marijuana for at least the next four years, starting in 2015. Given the profile and potential liabilities, business owners need to be aware of potential risks.
Forbes: IRAs not protected in Bankruptcy.
Businesses need support and advice. They especially need support in times of exponential growth, during economic challenges, and in transition.
Anthony J. Madonia and Associates, Ltd. is a premier law firm located in vibrant downtown Chicago that focuses on Corporate Law, Mergers & Acquisitions, Taxation and Estate Planning.subscribe archives