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Can the homestead exemption be used to protect a future interest
Upon death of the trustor, the trust becomes irrevocable and your PC has a
present interest in her 1/5th share of the estate.
So, Yes, you can use the exemption, if they reside there too.
Christine
Christine A. Kingston, Esq.
Law Office of Christine A. Kingston
5011 Argosy Avenue, Suite 3
Huntington Beach, CA 92649
Office: 714-533-9210
Fax: 714-489-8150
Email: attorneychristine@gmail.com
Blog: www.losangelesbankruptcylawmonitor.com
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I haven't researched it in a while, but don't believe you have to be on title to claim a homestead exemption.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
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In a message dated 7/5/2016 7:11:57 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Dear Colleagues,
My clients mother died in 2013, and left her home to her five children in
equal portions in her living trust. The children never recorded any
change in title, so if a Chapter 7 Trustee were to look into the property, the
deceased mother would be the only owner. However, pursuant to the trust, my
client has a 1/5 future interest in the house. He and his minor childrenlive in the house.
Can he exempt his future interest in the home using the automatic
homestead exemption? He doesnt have the funds to do the title change and pay for
the Chapter 7, and he needs to file quickly. Thoughts?
Thanks for your collective wisdom,
Nick
Nicholas Gebelt
Nicholas Gebelt, Ph.D., J.D.
Attorney at Law
Certified Bankruptcy Law Specialist State Bar of California Board of
Legal Specialization
Commissioner, California State Bars Bankruptcy Law Advisory Commission
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
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_ngebelt@gebeltlaw.com_ (mailto:ngebelt@gebeltlaw.com)
Web: _www.goodbye2debt.com_ (http://www.goodbye2debt.com/)
Blog: _www.southerncaliforniabankruptcylawblog.com/_
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