Using unfiled dischargeable tax liens to attach to ERISA-qualified pension plan interests after Patterson v. Shumate
Article Abstract:
The 1992 US Supreme Court decision in Patterson v. Shumate protects pension plans from being claimed by creditors in bankruptcy proceedings, but it may impose tax liens that would not be imposed if plans remained in debtors' estates. The conflict goes against the spirit of the decision and ERISA. Amendments to the Bankruptcy Code could correct the situation. The Supreme Court named Bankruptcy Code section 541(c)(2) as a source of law for excluding pension plans.
Publication Name: Bankruptcy Developments Journal
Subject: Law
ISSN: 0890-7862
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Divorce court order dividing retirement plan assets is not dischargeable in bankruptcy
Article Abstract:
The US 9th Circuit Court of Appeals in In re Lowenschauss held that the portion of a retirement plan ordered to be distributed to the former wife by a state divorce court was not part of the bankruptcy estate of the former husband and could not be discharged in bankruptcy. The plan was not ERISA qualified, but the state court's order gave the former wife an immediate property right.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
Bankrupt debtor's interest in s. 403(b) annuity contract is excluded from bankruptcy estate
Article Abstract:
The IRS in Field Service Advice 1999-632 stated that an annuity which was part of a governmental defined contribution plan under IRC section 403(b) was not part of the bankruptcy estate of the debtor public school employee. The non-ERISA annuity was excludable in accordance with Bankruptcy Code section 541(c)(2) due to its spendthrift provisions.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Undoing done deals; outsiders object to settlements in asbestos, derivative suits. Putting the brakes on junk analysis; a tire case pumps up judicial power over opinion testimony
- Abstracts: Working ourselves to death: workaholism, stress, and fatigue. Working ourselves to death: Workaholism, stress, and fatigue
- Abstracts: A warning on a product may not bar liability, two courts hold in decisions citing the new Restatement. Guilt by association(s)? Injured plaintiffs sue groups that promote faulty products and standards
- Abstracts: Criminal law - representing aliens. Criminal law; the causation chain. Criminal law; trial court conduct
- Abstracts: The forty-sixth session of the International Law Commission. The forty-ninth session of the International Law Commission