What Are the Dangers When I Inherited an IRA?

Contributed by Tim Berry, JD – Tax Attorney

Awhile back I wrote an article about how most people are not doing the proper planning for inheriting assets. This issue really came to light over some email correspondence with some bankruptcy trustees.

It seems a trustee had come across an inherited IRA and felt it didn’t meet the technical definition of an IRA for bankruptcy exemption purposes. Since the bankruptcy trustee didn’t believe the inherited IRA met the definition of an IRA for exempt asset purposes, the trustee is now filing a motion to take the inherited IRA away from the debtor.

Chances are the bankruptcy trustee is probably going to take Mom and Dad’s hard earned money away.

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GUEST POST: Why You Can’t Afford Not to Invest in your Health

Many of us try and try again to improve our health. We try to eat healthier, exercise regularly, or commit to healthy living and only a small percentage succeed.

So why do so many people fail to live a healthier lifestyle:

They believe they have no time. If you exercise 1 hour every day of the week, you are only exercising 4% of your time. Are you worth 4%???? During this small time investment, you manage your weight, increase your stamina, ward off viral illnesses, reduce conditions such as heart disease, high blood pressure, type 2 diabetes, stroke and certain types of cancer. You are also strengthening your heart, keeping your arteries clear and it reduces stress. Only 4% of your time gives you all these benefits. Don’t have 1 hour per day? Break in up into 10 minutes segments, it gives you the same results as a full hour.

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How to Cut Your Credit Card Debt in Half with Debt Settlement – is this all hype?

One of the biggest questions I get via email or comments on our Facebook page is how to get out of credit card debt the fastest.  In addition to all the Debt Snowball strategies we’ve mentioned on past shows (Waging a War On Debt!), many have been very intrigued in the area of debt settlement.  I mean, who wouldn’t like to take $50,000 of debt, get someone to negotiate for you and bring down the final bill to $25,000 or lower?  Sounds to good to be true?  Perhaps.  Just like anything, do your research.

I’m glad we can bring another friend of Money Smart Radio and fellow Facebook friend, Jesse D. Niesen aka. The Debt-Go-to-Guy, to write a guest post on this particular topic…which happens to be his area of expertise.  By the way…he is also a former jarhead, as in…a United States Marine! OOOORAAAAH!

If you like his article as I do, you outta give this guy some props and enter a comment below saying, “SEMPER FI!”  This means, “Always Faithful”, the Marine Corps motto.  I’m sure it would mean a lot to him!

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Skin in the Game: The Advent of a New Kind of Risk?

Here is another friend of Money Smart Radio, Paul Petillo, who had left quite an impression by commenting on our blog.  I had a chance to visit his site and was impressed, utterly speaking (no pun intended – look at his book titles) and how we is able to create a process to help people understand such complex financial strategies.

I hope you enjoy his guest post here.

Enter Paul Petillo…

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Act Now to Keep Wealth in the Family

GUEST POST:

I’ve had the pleasure of meeting Ray Buckner at our financial and wealth-building workshops in the Chicago area.  He had some great ideas he wanted to share and I thought they were very relevant to being able to not only take care of yourselves, but looking towards the legacy of your future generation(s).

Enter Ray Buckner…

Interest rates, low asset values, and the legislative outlook in Congress make this the opportune time for estate planning.

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Personal Branding Tips To Attract Wealth

GUEST POST

Often times through social networking, you meet courageous, God-inspired people.  I had the pleasure of meeting Jaye during the broadcast of our Monday AM show “Making God First Mondays“.  She is ON FIRE  and quite the friend to us, by constantly spreading the word of our Chicago-based financial talk radio show from a faith-based perspective.  She too, is a fellow broadcaster and you can tune into her radio show by clicking here and the link at the bottom of this post.  I am so thankful for her contribution to our blog!

May God continue to bless you abundantly Jaye!!

Enter Jaymerican:

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Today’s Career Woman: A Moving Target for Bullies

GUEST POST

It was at the Power Move Summit 2008, that I had the honor of meeting Zondra Hughes for the very first time.  She was a panelist during a discussion about women, business and the rising minority community taking leadership positions.  I was impressed by her smarts, her drive and focus.  It is a pleasure to work with her at N’Digo, her talent as an editor, improves all those who are around her.  She has already gotten a few of her books published already at such a young age…watch out America!

I call her not only an extremely talented writer, incomparable editor but most of all…my friend.

Her new book, Living the Ebony Life: E-Mails from the Plantation, has just been recently released…great timing for a Christmas and Holiday present!

Also, be sure to check out her blog on Chicago Now, the city’s hottest blog community.  Perhaps she may include Money Smart Radio one day, as a show with “swagger”?  C’mon someBODY!!

Enter Zondra Hughes -

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FICO Reveals Points Cost to Credit Scores

GUEST POST:

I was spending a night at a hotel in Salt Lake City while traveling on business, that I bumped across Phil Tirone’s popular infomercial.   We are so honored to have Mr. Tirone, a highly accomplished mortgage professional and creator of the 7 Steps to a 720 Credit Score program, contribute to our blog.

We have had the pleasure of having Phil Tirone, whom I met  a few years ago through my financial mentor, Douglas Andrew.  Phil has spoken to our mastermind group of financial planners, insurance agents and small business owners with great feedback.  He will help you pull back the curtain on the credit game, so you can learn the rules and WIN!

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Twitter Friends: A Veteran’s Day Story

GUEST POST:

It is amazing the people you meet online, via Twitter or Facebook, who share the same passions and areas of interest as you.  During Veteran’s Day a couple weeks ago, I had met via social media, Wes Brown.  I was delighted to ,”tweet up”, alongside him to honor the United States Armed Forces and the veterans who have fought bravely for this country.  I asked him if there is something he can share with our listeners of Money Smart Radio and readers of our blog.

Enjoy…Matthew Sapaula

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