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Self-settled irrevocable trust
Amendment accepted. How do you determine which state's laws apply
if it isn't stated in the Trust document?
On 3/21/2017 2:45 PM, Patrick Green pat@fitzgreenlaw.com [cdcbaa] wrote:
>
>
> I amend my answer. Their interest as a beneficiary is probably
> all property of the estate under CA law.
>
> If you have any questions or concerns, please contact me.
>
> Pat
>
> Patrick T. Green
>
> 1010 E. Union St. Ste. 206
>
> Pasadena, CA 91106
>
> Ph: 626-449-8433
>
> Fax: 626-449-0565
>
> Email: pat@fitzgreenlaw.com
>
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> *From:*cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Tuesday, March 21, 2017 10:40 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* RE: [cdcbaa] Self-settled irrevocable trust
>
> Mark:
>
> The settlor’s interest as a bennie is partially subject to the
> claims of creditors if CA law (versus another state) is applicable.
>
> If you have any questions or concerns, please contact me.
>
> Pat
>
> Patrick T. Green
>
> 1010 E. Union St. Ste. 206
>
> Pasadena, CA 91106
>
> Ph: 626-449-8433
>
> Fax: 626-449-0565
>
> Email: pat@fitzgreenlaw.com
>
> CONFIDENTIALITY NOTICE: This e-mail transmission (and/or the
> attachments accompanying it) may contain confidential information
> belonging to the sender which is protected by the attorney-client
> privilege. The information is intended only for the use of the
> intended recipient. If you are not the intended recipient, you are
> hereby notified that any disclosure, copying, distribution or the
> taking of any action in reliance on the contents of this
> information is strictly prohibited. Any unauthorized interception
> of this transmission is illegal. If you have received this
> transmission in error, please promptly notify the sender by reply
> e-mail, and then destroy all copies of the transmission.
>
> *From:*cdcbaa@yahoogroups.com
> [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Monday, March 20, 2017 11:21 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Self-settled irrevocable trust
>
> Haven't come across this one before...
>
> Have a PC who has a self-settled irrevocable trust in which he is
> the settlor, trustee and one of the beneficiaries (but not the
> sole bene).
>
> I know there is no protection from creditors for a typical living
> trust where the settlor retains control over the trust res, etc.
> But being a Trust ignoramus, I was wondering whether the
> irrevocability of this one changes anything?
>
> Also, this trust was formed more than 10 years ago, so it would
> not technically need to be listed in that section of the SFA, for
> whatever that's worth.
>
> Anyone seen one of these before?
>
>
>
> *************************************************
> Mark J. Markus
> Law Office of Mark J. Markus
> *_Mailing Address Only:_*
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California
> Board of Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
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>
>
>
>
*************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of
the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.
The post was migrated from Yahoo.
charset="UTF-8"
Pat,
Can the settlor be the trustee of a self-settled Irrevocable trust? I seem to recall that one of the criteria is an independent trustee.
Best regards
Larry Webb
California Board of Legal Specialization
Certified Specialist in Bankruptcy Law
P 805.987.1400
F 805.987.2866
C 805.750.2150
The post was migrated from Yahoo.
Haven't come across this one before...
Have a PC who has a self-settled irrevocable trust in which he is
the settlor, trustee and one of the beneficiaries (but not the sole
bene).
I know there is no protection from creditors for a typical living
trust where the settlor retains control over the trust res, etc. But
being a Trust ignoramus, I was wondering whether the irrevocability
of this one changes anything?
Also, this trust was formed more than 10 years ago, so it would not
technically need to be listed in that section of the SFA, for
whatever that's worth.
Anyone seen one of these before?
*************************************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of
the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.
The post was migrated from Yahoo.