November 2013

Inherited IRAs - No Bankruptcy Exemption

Under current bankruptcy rules, “retirement funds” are exempt property in bankruptcy, and cannot be reached by a debtor’s creditors.

In a recent case, In Re: Clark, an appellate court held that the federal exemption for retirement funds does not apply to inherited IRAs.

Inherited IRAs are retirement funds of a decedent that are inherited by a decedent’s beneficiary.

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Minimum Wage Violations - Maximum Penalities

Governor Jerry Brown has signed into law an increase in California’s minimum wage.  Effective July 1, 2014, California’s $8.00 per hour minimum wage will increase to $9.00 per hour.  A second increase to $10.00 per hour is effective January 1, 2016.  This increase represents the first increase in the state’s minimum wage in six years.

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Crab Season Opens Under New Trap Limit Laws

As the holiday season approaches, so does California’s Dungeness commercial crab season. Set to open in Central California, south of the Mendocino-Sonoma county line, on November 15, and in early December northern portions of the state, the 2013-2014 season will be the first commercial crab season under the new trap limit laws. While in previous seasons, the number of crab pots commercial crab fishermen could fish was not limited by law, new statutes and regulations now assign each California commercial Dungeness crab permit a maximum number of traps that may be used.

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