Wisconsin vs Federal Exemptions
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Questions and Answers

Which type of bankruptcy exemption law is generally better for a homeowner in Wisconsin?

  • It depends on the value of the property
  • State of Wisconsin exemption law (correct)
  • Federal exemption law
  • Both are equally beneficial

    • In the context of renting, why might Federal exemption law be more advantageous in Wisconsin?

  • It includes a 'Wild Card' value for exemptions (correct)
  • It offers better protection for renters in bankruptcy cases
  • It provides higher exemption values for personal property
  • It allows exemption of all types of annuities

    • In Wittman v. Koening 2016 U.S. App. Lexis 13577 (7th Cir.), what was the basis of the Trustee's argument against the exemption of annuities in the bankruptcy case?

  • The annuities were purchased 1.5 years before the petition was filed
  • The annuities were not disclosed in the bankruptcy filing
  • The annuities exceeded the allowed exemption amount
  • The annuities were not employer-provided or compliant with retirement provisions (correct)

    • What is the significance of the 'Wild Card' value in Federal exemptions for bankruptcy in Wisconsin?

    <p>It allows exemption of any personal property up to a certain value</p> Signup and view all the answers

    What is the cap for non-retirement annuity (life insurance plan)?

    <p>150,000</p> Signup and view all the answers

    What is a requirement for a retirement annuity?

    <p>Must be an ERISA plan</p> Signup and view all the answers

    What type of tax applies to a retirement annuity?

    <p>Capital gains tax</p> Signup and view all the answers

    What does Wisconsin's exemption statute define an annuity as?

    <p>A series of payments payable during the life of the annuitant</p> Signup and view all the answers

    Under the tax code, what are retirement annuities allowed under?

    <p>Tax code 815(3)(a)(j)</p> Signup and view all the answers

    In Clark v. Rameker, what did the Supreme Court rule regarding inherited IRAs?

    <p>They are not retirement funds within the meaning of the statute</p> Signup and view all the answers

    What is the main difference between inherited IRAs and traditional or Roth IRAs?

    <p>Withdrawal flexibility</p> Signup and view all the answers

    In the context of In re Polis, how is the value of a lawsuit calculated for bankruptcy estate?

    <p>Prayer value x percentage of winning x chance of recovering</p> Signup and view all the answers

    What did the district court state about inherited IRAs in In re Polis?

    <p>They represent an opportunity for current consumption, not a fund of retirement savings</p> Signup and view all the answers

    What is the tax implication of withdrawing funds from an inherited IRA?

    <p>No tax implication</p> Signup and view all the answers

    What is the time limit for taking money out of an inherited IRA?

    <p>5 years</p> Signup and view all the answers

    Can contributions be made to an inherited retirement account?

    <p>No</p> Signup and view all the answers

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