.jpg)
Joint Tenant 704 homestead
Good afternoon Sevan,
I have a case I am getting ready to file with nearly the exact same
situation and I am wondering whether you received any feedback on your
issue or how you ultimately handled the scheduling? Thank you for any
feedback you might be able to provide and be well.
Joel Feinstein
On Tue, Oct 16, 2018 at 8:52 AM sgorginian@gmail.com [cdcbaa] wrote:
>
>
> Hello everyone -
>
>
> My cousin wants to file bk (young 24 year old) with $80k credit card
> debt. A little wrinkle is for estate planning purposes, his parents put
> him and his sister on title and title is held as joint tenants.
>
>
> So Mom+Dad+Sister+Client. So he's 25% JT.
>
>
> House $600k FMV with $450k loan leaving $150k equity.
>
>
> I have done research and read the case law but wanted to ask you all how
> you would put the info on schedule A because I am getting two versions.
>
>
> Some people say put 25% *of the FMV* so $162,500 but others say put 25%
> of the *Equity* so $37,500.
>
>
> I want to choose the latter and disclose everything and put $37,500 which
> is his share of JT and then use 704 exemption of $75k to protect.
>
>
> It's my uncle and aunt's house so I'm trying to be extra careful.
>
>
> Thank you very much for your feedback and thoughts...
>
>
> Sevan Gorginian
>
>
>
>
>
*Joel M. Feinstein* | Attorney at Law
LAW OFFICES OF JOEL M. FEINSTEIN, APC.
16155 Sierra Lakes Parkway, Suite 160-424, Fontana, CA 92336
(949) 419-8920 - Office | Facsimile - (888) 523-8013
jmf@joelfeinsteinlaw.com
*Bankruptcy | Real Estate Law **| Litigation **| Personal Injury*
*California State Bar No.: 177546*
*California Real Estate Broker License No.: 01073369*
*Member - Central District Consumer Bankruptcy Attorney Association
(CDCBAA)*
*San Bernardino County Bar Association*
*Academy of VA Pension Planners*
NOTICE OF NO RELIANCE, CONFIDENTIAL AND PRIVILEGED COMMUNICATION: This
mail, fax or e-mail will be of no force or effect and will not be binding
unless a hard copy of this, signed by an authorized official of the
sender's entity, has been sent to the recipient of this message. The
information contained in this transmission is intended for the use of the
individual or entity named above and may contain legally privileged or
confidential information. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution or
copy of this communication is strictly prohibited. If you have received
this communication in error, please permanently delete or destroy this
message and immediately notify us by telephone.
Good afternoon Sevan,I have a case I am getting ready to file with nearly the exact same situation and I am wondering whether you received any feedback on your issue or how you ultimately handled the scheduling? Thank you for any feedback you might be ableto provide and be well.Joel FeinsteinOn Tue, Oct 16, 2018 at 8:52 AM cdcbaa@yahoogroups.com> wrote:
Hello everyone -My cousin wants to file bk (young 24 year old) with $80k credit card debt. A little wrinkle is for estate planning purposes, his parents put him and his sister on title and title is held as joint tenants.So Mom+Dad+Sister+Client. So he's 25% JT.y.I have done research and read the case law but wanted to ask you all how you would put the info on schedule A because I am getting two versions.Some people say put 25% of the FMV so $162,500 but others say put 25% of the Equity so $37,500.I want to choose the latter and disclose everything and put $37,500 which is his share of JT and then use 704 exemption of $75k to protect.
The post was migrated from Yahoo.
541(d) ?
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Tuesday, October 16, 2018, 8:52:22 AM PDT, sgorginian@gmail.com [cdcbaa] wrote:
Hello everyone -
My cousin wants to file bk (young 24 year old) with $80k credit card debt.m and his sister on title and title is held as joint tenants.
So Mom+Dad+Sister+Client. So he's 25% JT.
House $600k FMV with $450k loan leaving $150k equity.
I have done research and read the case law but wanted to ask you all how you would put the info on schedule A because I am getting two versions.
Some people say put 25% of the FMV so $162,500 but others say put 25% of the Equity so $37,500.
I want to choose the latter and disclose everything and put $37,500 which is his share of JT and then use 704 exemption of $75k to protect.
It's my uncle and aunt's house so I'm trying to be extra careful.
Thank you very much for your feedback and thoughts...
Sevan Gorginian
The post was migrated from Yahoo.
Reply-To: sgorginian@gmail.com
X-Original-Return-Path: sgorginian@gmail.com
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
The post was migrated from Yahoo.
X-Original-Return-Path: sgorginian@gmail.com
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
The post was migrated from Yahoo.