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Remainder Interest Issue(s)
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I agree on the 548 issue, but as Mark implied, the facts as stated donaw all relevant documents and understood the relationship between the estate planning and the deeds in question.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green
Attorney at Law
Fitzgerald & Green
1010 E. Union St. Ste. 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
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I agree with Mark. This is really bad estate/tax planning and a s. 548 issue. Have you seen a copy of the deeds? Estate planning clients often tell me they done something that is contrary to what the recorded documents show. A revocable trust should not cause title transfer to beneficiaries while the Trustors are living. I would order a copy of the deeds to verify what has been accomplished.
Best regards
Larry Webb
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Check out my Blog
Larry@webbklaw. com
Law Offices of Larry Webb
484 Mobil Ste 43
Camarillo Ca 93010
P 805.987.1400
F 805.987.2866
C 805.750.2150
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Yes, if I understand the facts correctly. Fraudulent conveyance issue
under Section 548.
If title was conveyed to PC and brother as individuals and not as trusteesof a trust, with parents having a life estate, then the parents' trust isirrelevant since the property is not an asset of the trust. The questionis what was his remainder interest worth when PC quit claimed it away? What could the 50% remainder interest be sold for taking into account property
value and parents life expectancy? PC is no longer entitled to assert anyexemption in the remainder interest as a result of the fraudulent
conveyance so the remainder interest value does not need to be all that substantial
for it to pique a trustee's interest.
Furthermore the debtor gifted away the interest. Was the value of the
gift more than the annual $13,000 gift tax exclusion amount to each grantee of
the quit claim conveyance? If more than the $13,000 did he file the required gift tax return?
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
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In a message dated 12/4/2012 1:42:04 P.M. Pacific Standard Time,
tysonlawfirm@yahoo.com writes:
Pursuant to Parents' revocable trust, PC and his brother were placed on title to parents' home (owned free & clear) with life estate to parents. Parents are in good health and expected to live a long time. PC quitclaimedhimself off the RP about 1 1/2 years ago. Anyone see any potential red flags?
Thanks!
Tyson Takeuchi
Yes, if I understand the facts correctly. Fraudulent
conveyance issue under Section 548.
If title was conveyed to PC and brother as individuals and not
as trustees of a trust, with parents having a life estate, then the
parents' trust is irrelevant since the property is not an asset of the
trust. The question is what was his remainder interest worth
when PC quit claimed it away? What could the 50% remainder
interest be sold for taking into account property value and parents life
expectancy? PC is no longer entitled to assert any exemption in the
remainder interest as a result of the fraudulent conveyance so the
remainder interest value does not need to be all that substantial for it to
pique a trustee's interest.
Furthermore the debtor gifted away the interest. Was the
value of the gift more than the annual $13,000 gift tax exclusionamount to each grantee of the quit claim
conveyance? If more than the $13,000 did he file therequired gift tax return?
Mark T.
JesseeLaw Offices of Mark T. Jessee"A Debt Relief Agency"50 W.Hillcrest Drive, Suite 200Thousand Oaks, CA 91360(805) 497-5868 (805)
497-5864 (Facsimile)NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY
THE INTENDED RECIPIENT OF THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED
TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE,
DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED.
PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE
THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
In a message dated 12/4/2012 1:42:04 P.M. Pacific Standard Time,
tysonlawfirm@yahoo.com writes:
Pursuant to Parents' revocable trust, PC and his brother were placed on
title to parents' home (owned free & clear) with life estate to parents.
Parents are in good health and expected to live a long time. PC quitclaimed
himself off the RP about 1 1/2 years ago. Anyone see any potential red
flags?Thanks!Tyson Takeuchi
The post was migrated from Yahoo.
Pursuant to Parents' revocable trust, PC and his brother were placed on title to parents' home (owned free & clear) with life estate to parents. Parents are in good health and expected to live a long time. PC quitclaimed himself off the RP about 1 1/2 years ago. Anyone see any potential red flags?
Thanks!
Tyson Takeuchi
The post was migrated from Yahoo.