Five Reasons to Protect Your Retirement Accounts Now Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it and use the funds to satisfy their claims. This means one lawsuit and POOF!—your life-long, hard-earned savings could be […]
What duty does a non-bankruptcy attorney have to determine whether a client or a potential client is or has been a debtor in a bankruptcy case? The wrong answer to that question may prove disastrous to successful pursuit of claims on behalf of the client and threatens counsel with professional and financial exposure. A debtor’s failure to disclose causes of action in a bankruptcy case has ramifications for the debtor, […]
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that a trustee plays not only in handling trust matters but also in providing for and protecting your loved ones. What is a trust? A trust is an agreement between an owner of accounts and property (trustmaker) and another person (trustee) who agrees to manage the accounts and property on behalf of […]
Is it a death knell for cases beyond 60 months? Under the CARES Act 11 USC Sec. 1329 was amended to include a temporary provision that permitted confirmed chapter 13 plans to extend the plan term to up to 84 months. To do so, debtors were required to show they were affected by COVID, Sec. 1329(d). [i] The maximum term under 11 USC Sec. 1329(c ) has always been 60 […]
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Social Media Scams: Con Artists Target the Vulnerable
Social media and internet dating sites have given rise to romance and confidence schemes. Catfishing and spear phishing are extensively used. Catfishing is faking an identity on the internet. Spear phishing uses more sophisticated and direct messages to trick the victim. New AI programs make it easier to reach and victimize the targets. The fraudsters prey upon the elderly, widowed or divorced men and women. Online profiles are manipulated to […]