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UTMA accounts not part of BK estate?
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It's not, but when was the money deposited? Fraudulent transfer?
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.
stingray604
Sent: Tuesday, August 17, 2010 4:37 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] UTMA accounts not part of BK estate?
I haven't done the research but does anyone know whether money held in a
bank account for a minor child under the CA Uniform Transfers to Minors Act
(UTMA)is debtor's property and hence part of BK estate? Client has 40K total
in savings accounts for 2 minor children held as "custodian" for _______
"under UTMA".
My understanding is that this is an irrevocable trust and if so, the only
relevant issue for trustee may be WHEN the money was actually transferred
(fraudulent transfer issue) into account in question. Am I correct?
Comments will be appreciated. Thanks.
Ray Bulaon
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Message
It's not, but when was the
money deposited? Fraudulent transfer?
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
I haven't done the research but does anyone know whether money held in a bank account for a minor child under the CA Uniform Transfers to Minors Act (UTMA)is debtor's property and hence part of BK estate? Client has 40K total in savings accounts for 2 minor children held as "custodian" for _______ "under UTMA".
My understanding is that this is an irrevocable trust and if so, the only relevant issue for trustee may be WHEN the money was actually transferred (fraudulent transfer issue) into account in question. Am I correct?
Comments will be appreciated. Thanks.
Ray Bulaon
The post was migrated from Yahoo.