Asset Protection in Bankruptcy & Tax Planning: Techniques for Asset Protection Purposes

COURSE DETAILS

The program will begin with an introduction to bankruptcy concepts that you need to be familiar with, including the discharge of personal income tax liabilities. Topics to be discussed include:

• Bankruptcy Chapters
• Automatic Stay
• Property Exemptions
• Avoidance Actions
• Loan/Capital Recharacterization
• Discharge and treatment of taxes
  • Exceptions to Discharge under Chapter 7
  • What constitutes a “Priority” Tax
  • Exempt Property Free of Discharged Tax
  • Criteria to discharge personal income taxes
  • Treatment of Interest and Penalties
  • Treatment of tax liens will introduce basic bankruptcy concept

The second portion of the program will cover the use of trusts as IRA beneficiary for asset protection and tax planning purposes. Topics will include:

• Significant adverse bankruptcy court case in New York State involving Inherited IRA
• Use of trusts as IRA beneficiary for asset protection and tax planning purposes
• Failure to know the IRS compliance rules regarding IRA trusts can destroy the payout period
• Comment letter to Treasury Department involving Systemic IRA Trust noncompliance issue that can have a major adverse effect on an IRA trust (malpractice and statute of limitations issues)
• Article on Legacy Planning for IRAs

The course materials will include electronic outlines written by Mr. Thaler and Mr. Goldberg.

FACULTY

Seymour Goldberg, Goldberg & Goldberg; Andrew M. Thaler, Cullen and Dykman

About the Speakers:

Andrew M. Thaler is a partner in Cullen and Dykman’s Bankruptcy and Creditors’ Rights Department and a Bankruptcy Trustee. He has over 40 years of experience representing creditors and debtors in Chapter 7, 11 and 13 cases, and has expertise spanning various facets of bankruptcy law encompassing fraudulent conveyance and preference litigation, motions to vacate the automatic stay, objection to disclosure, negotiations, claims objectives and contested matters.

Seymour Goldberg, JD., CPA, MBA (Taxation), is a Senior Partner at Goldberg & Goldberg P.C. He has conducted over 100 professional education programs for attorneys and CPAs, is a former IRS agent and instructor, and is the recipient of Outstanding Discussion Leader Awards from both the AICPA and the Foundation for Accounting Education.  His manuals written for the ABA can be found in over 100 law libraries.