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FW: On elderly mom's account
Hale:
Here are the Probate Code Sections I was referring to Sat
5301 & 5134.
Only a few cases mentioned: In e Estate of Tosh, 920 p.2d 1230
Vitacco v Eckberg, 648 N.E.2d 1010(ill App 1995)
I used it once for a bank account with $3,000, but the amount probably wasn't worth the time and effort to go after.
Marvin Mann
2706 Artesia Blvd A
Redondo Beach, CA 90278
The post was migrated from Yahoo.
Resending -
>
> _____
>
> Of David A. Tilem
> Sent: Monday, June 15, 2009 4:50 PM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] On elderly mom's account
>
>
> This question constantly surfaces not only with respect to bank
> accounts, but also with respect to real property. There are cases
> which say that debtor has no equitable interest, so estate has no
> equitable interest and gets nothing. There are cases which say that
> debtor is 50% owner because she is listed on the account name. There
> are cases which say that the estate gets 100% because of Sect. 544 strong
arm clause.
>
> Even worse, it is easy to construct an argument which says that if mom
> moves the money into another account solely in her own name, it could
> be a fraudulent transfer of the debtor's former interest in the
> property. Not only could mom be forced to give back the money, but
> child might have a discharge problem.
>
> I think it depends on your trustee and your judge.
>
> David A. Tilem
>
> Certified Bankruptcy Specialist*
>
> Law Offices of David A. Tilem (a debt relief agency)
>
> 206 N. Jackson Street, #201, Glendale, CA 91206
>
> Tel: 818-507-6000 Fax: 818-507-6800
>
>
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
> Specialization.
>
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>
>
>
> -----Original Message-----
> Of Hale Andrew Antico
> Sent: Monday, June 15, 2009 4:15 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] On elderly mom's account
>
> Chap 7 Debtor is only mom's account with over $60,000 on it. Mom's
> SSN is on the account, not debtor. It's mom's life savings; debtor
> didn't contribute a penny. Must mom prepare to cut a check for
> liquidation for distribution to debtor's credtiors, or is there an
> equitable argument (constructive trust?) which will save mom's money or
some other strategy?
>
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