16 Questions
Which type of bankruptcy exemption law is generally better for a homeowner in Wisconsin?
State of Wisconsin exemption law
In the context of renting, why might Federal exemption law be more advantageous in Wisconsin?
It includes a 'Wild Card' value for exemptions
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 not employer-provided or compliant with retirement provisions
What is the significance of the 'Wild Card' value in Federal exemptions for bankruptcy in Wisconsin?
It allows exemption of any personal property up to a certain value
What is the cap for non-retirement annuity (life insurance plan)?
150,000
What is a requirement for a retirement annuity?
Must be an ERISA plan
What type of tax applies to a retirement annuity?
Capital gains tax
What does Wisconsin's exemption statute define an annuity as?
A series of payments payable during the life of the annuitant
Under the tax code, what are retirement annuities allowed under?
Tax code 815(3)(a)(j)
In Clark v. Rameker, what did the Supreme Court rule regarding inherited IRAs?
They are not retirement funds within the meaning of the statute
What is the main difference between inherited IRAs and traditional or Roth IRAs?
Withdrawal flexibility
In the context of In re Polis, how is the value of a lawsuit calculated for bankruptcy estate?
Prayer value x percentage of winning x chance of recovering
What did the district court state about inherited IRAs in In re Polis?
They represent an opportunity for current consumption, not a fund of retirement savings
What is the tax implication of withdrawing funds from an inherited IRA?
No tax implication
What is the time limit for taking money out of an inherited IRA?
5 years
Can contributions be made to an inherited retirement account?
No
Find out which exemptions would be more beneficial for you - Wisconsin exemptions or the Federal exemptions listed in §522(d). This comparison sheet will help you determine which option is the better choice based on your specific situation, whether you are a homeowner or a renter. Understanding the wild card value of $14,000, you can make an informed decision regarding your exemptions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
