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704 case: IRA and brokerage account
As Dennis said, use 522(n) to exempt IRA. The $14,000 nonretirement
account is not exempt as you noted. There is nothing wrong with liquidating
that account to pay attorney fees, buy groceries, make repairs, place in the
social security direct deposit account up to the statutory exempt maximum,or otherwise changing its form into an exempt asset. Its exemption planning
and there is nothing wrong with it. Just make sure the client does not
foolishly make any fraudulent conveyances or preferential transfers.
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)
In a message dated 9/27/2016 3:31:52 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
I have a 704 case with a manufactured home that I am fully exempting. My
clients are 73 years old. One has an IRA with AmeriTrade with $53,000 in itand she is taking the yearly RMD. Is this entire IRA fully exempted under
the 704 exemptions? Would I use Private retirement plan exemption?
They also have a brokerage account with AmeriTrade with $14,000 in it
which I know is unexempt. Can they liquidate a portion of it to pay the attorney's fee for their BK as well as some reasonable and necessary livingexpenses? They have no paid wages, just social security and a small pension.
As Dennis said, use 522(n) to exempt IRA. The $14,000 nonretirement
account is not exempt as you noted. There is nothing wrong with
liquidating that account to pay attorney fees, buy groceries, make
repairs, place in the social security direct deposit account up to thestatutory exempt maximum, or otherwise changing its form into an exempt
asset. Its exemption planning and there is nothing wrong with
it. Just make sure the client does not foolishly make
any fraudulent conveyances or preferential transfers.
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)
In a message dated 9/27/2016 3:31:52 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
I have a 704 case with a manufactured home that I am fully exempting.
My clients are 73 years old. One has an IRA with AmeriTrade with $53,000 in it
and she is taking the yearly RMD. Is this entire IRA fully exempted under the
704 exemptions? Would I use Private retirement plan exemption?
They also have a brokerage account with AmeriTrade with $14,000 in it
which I know is unexempt. Can they liquidate a portion of it to pay the
attorney's fee for their BK as well as some reasonable and necessary living
expenses? They have no paid wages, just social security and a small
pension.
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