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Living Trust a Fraudulent Transfer?
Wes seems to have gotten very aggressive of late, it seems more
aggressive since he joined his new firm. I would agree with the
analysis that the homestead is not lost upon transfer to the
revocable trust. Under the IRC, isn't the mortgage interest still
deductible as the primary residence? If the property continues to be
deemed a residence under the IRC, isn't it still the residence under
the Code?
I would get very aggressive with Wes, as I did in a case where the
Trustee is attempting to avoid a transfer done under a marital
dissolution. I answered and included as an affirmative defense with
Rule 9011 language, and then propounded discovery requesting that the
Trustee disclose the extent to which any investigation was done
before commencing the action. I can forward my discovery and answer
to anyone who would like to take a look.
Lou Esbin
Louis J. Esbin, Esq.
Law Offices of Louis J. Esbin
27951 Smyth Drive, Suite 108
Valencia, CA 91355-4049
Dial: 661.257.3636
Fax: 661.257.3297
Louis.Esbinlaw@sbcglobal.net
wrote:
> Wes said he's pushing the envelope to see if he can get out of
having to
> pay the homestead. It's VERY aggressive, but does not appear
9011'ish
> to me. If client cannot afford to litigate, perhaps a settlement
which
> compromises the 150k homestead to some extent?
> David A. Tilem
>
>
>
> Sent: Wednesday, February 09, 2005 7:21 PM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
> If I wasn't a professional I would answer that question. Maybe our
next
> course of action as a group should be to go after some zealous
trustees
> and their Counsel, or I affectionately refer to it as, "the crony
> system" or ganuffs 'r us (sp?) Some have no shame in making a case
> administratively insolvent and work cases for their own gain rather
than
> the benefit of creditors. With cases down, more than ever they
consider
> cases as opportunities. Just an idea. CS
> Charles Shamash, Esq.
>
>
> Sent: Wednesday, February 09, 2005 4:35 PM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
> I just wrote to Wes to ask why he filed an action rather than simply
> revoking the trust.
> David A. Tilem
>
>
> Sent: Wednesday, February 09, 2005 2:42 PM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
> Ya think so, do you mean to tell me that a trustees counsel would
work a
> case just for fees, I am so shocked!!!!!!!!!!!
> Charles Shamash, Esq.
> Caceres & Shamash, LLP
>
>
> Sent: Wednesday, February 09, 2005 9:38 AM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
> Dennis,
> The trustee is Peter Anderson, but it is actually Wes Avery who has
> taken
> this position and filed the adversary complaint on behalf of Peter
> Anderson.
> I think he's doing this so he can run up attorney fees.
> Ty
>
> >Reply-To: cdcbaa@yahoogroups.com
> >To: cdcbaa@yahoogroups.com
> >Subject: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
> >Date: Wed, 09 Feb 2005 16:55:27 -0000
> - In cdcbaa@yahoogroups.com, "Tyson Takeuchi"
> >wrote:
> >Oh, my, who is the trustee?
> >revocable living trusts are revocable. The trustee has the power
to
> >revoke if the trustee desires. It is a circular, argument. The
debtor
> >cannot have taken the property from the estate if the trustee has
the
> >power to revoke.
> >What is worse, beneficial interests are homesteadable and exemption
> >planing is encouraged, not discouraged.
> >Who is this trustee? The name should be posted as we will all
have to
> >deal with this inacurate legal position.
> >Ty, if you are unable to help this woman, send her my way.
> >dennis
The post was migrated from Yahoo.
Amazing although sadly disappointing too. I can understand going after the
real frauds but a 74 year old woman who did some estate planning, now they
are going after her homestead and dignity. And for what, I actually checked
out the schedules, she didn't even have that much debt, it was a paralegal
screw up and now after having felt forced to file bankruptcy she is losing
everything. I can tell you, having done some trustee work also and seeing
all sides, I can sleep at night!
CS
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Thursday, February 10, 2005 12:23 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
Wes said he's pushing the envelope to see if he can get out of having to
pay the homestead. It's VERY aggressive, but does not appear 9011'ish
to me. If client cannot afford to litigate, perhaps a settlement which
compromises the 150k homestead to some extent?
David A. Tilem
The post was migrated from Yahoo.
If I wasnt a professional I would answer that question. Maybe our next
course of action as a group should be to go after some zealous trustees and
their Counsel, or I affectionately refer to it as, "the crony system" or
ganuffs 'r us (sp?) Some have no shame in making a case administratively
insolvent and work cases for their own gain rather than the benefit of
creditors. With cases down, more than ever they consider cases as
opportunities. Just an idea.
CS
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Wednesday, February 09, 2005 4:35 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
I just wrote to Wes to ask why he filed an action rather than simply
revoking the trust.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Sent: Wednesday, February 09, 2005 2:42 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
Ya think so, do you mean to tell me that a trustees counsel would work a
case just for fees, I am so shocked!!!!!!!!!!!
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Wednesday, February 09, 2005 9:38 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
Dennis,
The trustee is Peter Anderson, but it is actually Wes Avery who has
taken
this position and filed the adversary complaint on behalf of Peter
Anderson.
I think he's doing this so he can run up attorney fees.
Ty
>Reply-To: cdcbaa@yahoogroups.com
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
>Date: Wed, 09 Feb 2005 16:55:27 -0000
>
>
>--- In cdcbaa@yahoogroups.com, "Tyson Takeuchi"
>wrote:
> >
> >
>Oh, my, who is the trustee?
>
>revocable living trusts are revocable. The trustee has the power to
>revoke if the trustee desires. It is a circular, argument. The debtor
>cannot have taken the property from the estate if the trustee has the
>power to revoke.
>
>What is worse, beneficial interests are homesteadable and exemption
>planing is encouraged, not discouraged.
>
>Who is this trustee? The name should be posted as we will all have to
>deal with this inacurate legal position.
>
>Ty, if you are unable to help this woman, send her my way.
>
>dennis
>
>
>
Yahoo! Groups Links
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The post was migrated from Yahoo.
Ya think so, do you mean to tell me that a trustees counsel would work a
case just for fees, I am so shocked!!!!!!!!!!!
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Wednesday, February 09, 2005 9:38 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
Dennis,
The trustee is Peter Anderson, but it is actually Wes Avery who has taken
this position and filed the adversary complaint on behalf of Peter Anderson.
I think he's doing this so he can run up attorney fees.
Ty
>Reply-To: cdcbaa@yahoogroups.com
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
>Date: Wed, 09 Feb 2005 16:55:27 -0000
>
>
>--- In cdcbaa@yahoogroups.com, "Tyson Takeuchi"
>wrote:
> >
> >
>Oh, my, who is the trustee?
>
>revocable living trusts are revocable. The trustee has the power to
>revoke if the trustee desires. It is a circular, argument. The
>debtor cannot have taken the property from the estate if the trustee
>has the power to revoke.
>
>What is worse, beneficial interests are homesteadable and exemption
>planing is encouraged, not discouraged.
>
>Who is this trustee? The name should be posted as we will all have
>to deal with this inacurate legal position.
>
>Ty, if you are unable to help this woman, send her my way.
>
>dennis
>
>
>
Yahoo! Groups Links
The post was migrated from Yahoo.
If the schedules were amended before the trustee took any affirmative steps to set aside the transfer, I would think she would be OK. However, if the amendment was as a result of the Trustee's actions, it may be untimely (as to denying the exemption under 522(g).
Sent: Wednesday, February 09, 2005 12:08 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Living Trust a Fraudulent Transfer?
Larry, what if she where to amend her schedules. This woman went to a petition preparer who obviously must have screwed up her schedules. Would it carry more weight if the preparer where disgorged too?
CS
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Wednesday, February 09, 2005 8:58 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Living Trust a Fraudulent Transfer?
Did she disclose the transfer on her SOFA? If not, then the trustee can disallow the exemption under 522g and In re Glass (9th Cir)
Larry D. Simons
SulmeyerKupetz
A Professional Corporation
333 South Hope Street, Thirty-Fifth Floor, Los Angeles, CA 90071
Voice: 213.617.5210 Fax: 213.629.4520
Northern California Office:
1080 Marsh Road, Suite 110, Menlo Park, CA 94025
Voice: 650.326.2245 Fax: 650.326.5134
E-Mail: lsimons@sulmeyerlaw.com
URL: www.sulmeyerlaw.com
Sent from my BlackBerry Wireless Handheld
To: cdcbaa@yahoogroups.com
Sent: Wed Feb 09 07:19:39 2005
Subject: [cdcbaa] Living Trust a Fraudulent Transfer?
Hi everyone,
I just interviewed a 74 year old woman who filed Ch. 7 Pro Se. Ch.
7 Te has hired counsel, (name given upon request). Woman set up a
living trust for her only valuable asset, her home, two months
before filing. Trustee's counsel filed adversary complaint alleging
that putting the home into a revocable living trust is a fraudulent
transfer and therefore debtor is not entitled to her $125,000
homestead exemption.
Any comments?
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This e-mail message is for the sole use of the intended recipient(s) and may
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intended recipient, please contact the sender by reply e-mail, delete this
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The post was migrated from Yahoo.
Larry, what if she where to amend her schedules. This woman went to a
petition preparer who obviously must have screwed up her schedules. Would
it carry more weight if the preparer where disgorged too?
CS
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Wednesday, February 09, 2005 8:58 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Living Trust a Fraudulent Transfer?
Did she disclose the transfer on her SOFA? If not, then the trustee can
disallow the exemption under 522g and In re Glass (9th Cir)
Larry D. Simons
SulmeyerKupetz
A Professional Corporation
333 South Hope Street, Thirty-Fifth Floor, Los Angeles, CA 90071
Voice: 213.617.5210 Fax: 213.629.4520
Northern California Office:
1080 Marsh Road, Suite 110, Menlo Park, CA 94025
Voice: 650.326.2245 Fax: 650.326.5134
E-Mail: lsimons@sulmeyerlaw.com
URL: www.sulmeyerlaw.com
Sent from my BlackBerry Wireless Handheld
To: cdcbaa@yahoogroups.com
Sent: Wed Feb 09 07:19:39 2005
Subject: [cdcbaa] Living Trust a Fraudulent Transfer?
Hi everyone,
I just interviewed a 74 year old woman who filed Ch. 7 Pro Se. Ch.
7 Te has hired counsel, (name given upon request). Woman set up a
living trust for her only valuable asset, her home, two months
before filing. Trustee's counsel filed adversary complaint alleging
that putting the home into a revocable living trust is a fraudulent
transfer and therefore debtor is not entitled to her $125,000
homestead exemption.
Any comments?
Yahoo! Groups Links
This e-mail message is for the sole use of the intended recipient(s) and may
contain confidential or legally privileged information. Any unauthorized
review, use, disclosure or distribution is prohibited. If you are not the
intended recipient, please contact the sender by reply e-mail, delete this
message from your computer and destroy all copies of the original message.
Yahoo! Groups Sponsor
ADVERTISEMENT
The post was migrated from Yahoo.
Dennis,
The trustee is Peter Anderson, but it is actually Wes Avery who has taken
this position and filed the adversary complaint on behalf of Peter Anderson.
I think he's doing this so he can run up attorney fees.
Ty
>Reply-To: cdcbaa@yahoogroups.com
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] Re: Living Trust a Fraudulent Transfer?
>Date: Wed, 09 Feb 2005 16:55:27 -0000
>
>
>--- In cdcbaa@yahoogroups.com, "Tyson Takeuchi"
>wrote:
> >
> >
>Oh, my, who is the trustee?
>
>revocable living trusts are revocable. The trustee has the power to
>revoke if the trustee desires. It is a circular, argument. The
>debtor cannot have taken the property from the estate if the trustee
>has the power to revoke.
>
>What is worse, beneficial interests are homesteadable and exemption
>planing is encouraged, not discouraged.
>
>Who is this trustee? The name should be posted as we will all have
>to deal with this inacurate legal position.
>
>Ty, if you are unable to help this woman, send her my way.
>
>dennis
>
>
>
The post was migrated from Yahoo.
Isn't the 74 yr old woman both a trustee and a beneficiary of the trust (as
most trusts are)? As such, I would think that she is entitled to the
exemptions.
Isn't the 74 yr old woman both a trustee and a beneficiary of
the trust (as most trusts are)? As such, I would think that she is
entitled to the exemptions.
The post was migrated from Yahoo.
Did she disclose the transfer on her SOFA? If not, then the trustee can disallow the exemption under 522g and In re Glass (9th Cir)
Larry D. Simons
SulmeyerKupetz
A Professional Corporation
333 South Hope Street, Thirty-Fifth Floor, Los Angeles, CA 90071
Voice: 213.617.5210 Fax: 213.629.4520
Northern California Office:
1080 Marsh Road, Suite 110, Menlo Park, CA 94025
Voice: 650.326.2245 Fax: 650.326.5134
E-Mail: lsimons@sulmeyerlaw.com
URL: www.sulmeyerlaw.com
Sent from my BlackBerry Wireless Handheld
To: cdcbaa@yahoogroups.com
Sent: Wed Feb 09 07:19:39 2005
Subject: [cdcbaa] Living Trust a Fraudulent Transfer?
Hi everyone,
I just interviewed a 74 year old woman who filed Ch. 7 Pro Se. Ch.
7 Te has hired counsel, (name given upon request). Woman set up a
living trust for her only valuable asset, her home, two months
before filing. Trustee's counsel filed adversary complaint alleging
that putting the home into a revocable living trust is a fraudulent
transfer and therefore debtor is not entitled to her $125,000
homestead exemption.
Any comments?
Yahoo! Groups Links
This e-mail message is for the sole use of the intended recipient(s) and may
contain confidential or legally privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the
intended recipient, please contact the sender by reply e-mail, delete this
message from your computer and destroy all copies of the original message.
Re: [cdcbaa] Living Trust a Fraudulent Transfer?
Did she disclose the transfer on her SOFA? If not, then the trustee can disallow the exemption under 522g and In re Glass (9th Cir)
Larry D. Simons
SulmeyerKupetz
A Professional Corporation
333 South Hope Street, Thirty-Fifth Floor, Los Angeles, CA 90071
Voice: 213.617.5210 Fax: 213.629.4520
Northern California Office:
1080 Marsh Road, Suite 110, Menlo Park, CA 94025
Voice: 650.326.2245 Fax: 650.326.5134
E-Mail: lsimons@sulmeyerlaw.com
URL: www.sulmeyerlaw.com
Sent from my BlackBerry Wireless Handheld
To: cdcbaa@yahoogroups.com <cdcbaa@yahoogroups.com>
Sent: Wed Feb 09 07:19:39 2005
Subject: [cdcbaa] Living Trust a Fraudulent Transfer?
Hi everyone,
I just interviewed a 74 year old woman who filed Ch. 7 Pro Se. Ch.
7 Te has hired counsel, (name given upon request). Woman set up a
living trust for her only valuable asset, her home, two months
before filing. Trustee's counsel filed adversary complaint alleging
that putting the home into a revocable living trust is a fraudulent
transfer and therefore debtor is not entitled to her $125,000
homestead exemption.
Any comments?
BR>
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message from your computer and destroy all copies of the original message.
The post was migrated from Yahoo.
wrote:
>
>
Oh, my, who is the trustee?
revocable living trusts are revocable. The trustee has the power to
revoke if the trustee desires. It is a circular, argument. The
debtor cannot have taken the property from the estate if the trustee
has the power to revoke.
What is worse, beneficial interests are homesteadable and exemption
planing is encouraged, not discouraged.
Who is this trustee? The name should be posted as we will all have
to deal with this inacurate legal position.
Ty, if you are unable to help this woman, send her my way.
dennis
The post was migrated from Yahoo.