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Prepetition contributions to Roth IRA
Reply-To: ssoesq@aol.com
X-Original-Return-Path: ssoesq@aol.com
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
I think the recurring statement of "Pigs get eaten and hogs get slaughter
applies" to exemption planning.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
Canoga Park, California 91303
Tel: _(818) 992-6588_ (tel:(818)%20992-6588)
Fax: _(818) 992-6511_ (tel:(818)%20992-6511)
Email: _ssoesq@aol.com_ (mailto:ssoesq@aol.com) _ www.shaioved.com_
(http://www.shaioved.com/)
________________
The information contained in this email is intended only for the
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under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law Specialist
by The State Bar of California Board of Legal Specialization.
In a message dated 7/7/2015 12:09:03 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
I'm not sure about the fraudulent conveyance case law, but I have, where
necessary, encouraged clients to fund retirement accounts as a means of
exemption planning and then filed their case within 90 days without
repercussion. Of course, I am talking about only modest funding within the allowed
limits set by the IRS ($5,000 -- $11,000). The last time I researched the
issue (many years ago) I found that most jurisdictions allowed prepetition
conversion of non-exempt assets to exempt assets - unless bad faith could be
shown.
I think the recurring statement of "Pigs get eaten and hogs get slaughter
applies" to exemption planning.
Very
truly yours,Shai OvedThe Law Offices of Shai Oved7445 Topanga Cyn.
Blvd., Suite 220Canoga Park, California 91303Tel: (818)
992-6588Fax: (818) 992-6511Email: ssoesq@aol.com
www.shaioved.com________________The information contained in this
email is intended only for the individual or entity named above and may contain
attorney privileged and confidential information. If the reader of this
message is not the intended recipient, you are hereby notified that any
dissemination, distribution, or copy of this communication is strictly
prohibited. If you received this communication in error, please
immediately notify us by the telephone number above and return any hard copies
to us via the postal service.. The Law Offices of Shai Oved is a debt relief
agency which helps people file for bankruptcy under the Bankruptcy Code. Shai
Oved is a Certified Bankruptcy Law Specialist by The State Bar of
California Board of Legal Specialization.
In a message dated 7/7/2015 12:09:03 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
The post was migrated from Yahoo.
Reply-To: "MARIA W. TAM"
X-Original-Return-Path: "MARIA W. TAM"
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
It is not preference but it can be fraudulent conveyance. I vaguely
remember seeing a published opinion about this. Debtor put a lot of money
into some kind of retirement plan and the trustee (and I remember it was a
trustee in LA Downtown) brought a fraudulent conveyance action. I cannot
locate the case now. But the case was about 12 years ago.
On Mon, Jul 6, 2015 at 2:45 PM, Nicholas Gebelt ngebelt@gebeltlaw.com
[cdcbaa] wrote:
>
>
> Dear Gerry,
>
>
>
> A preference is a prepetition payment to *a creditor.* *See *11 U.S.C.
> 547(b). A payment to the debtors IRA is not a payment to a creditor, and
> is therefore not a preference.
>
>
>
> All the best,
>
>
>
> Nick
>
>
>
> *Nicholas Gebelt*
>
>
>
> Nicholas Gebelt, Ph.D., J.D.
>
> Attorney at Law
>
> Certified Bankruptcy Law Specialist State Bar of California Board of
> Legal Specialization
>
> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>
>
>
> [image: Description: Description: Description:
> cid:image003.jpg@01CC076B.B14D73C0]
>
>
>
> Law Offices of Nicholas Gebelt
>
> 15150 Hornell Street
>
> Whittier, CA 90604
>
> Phone: 562.777.9159
>
> FAX: 562.946.1365
>
> Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
>
> Web: www.goodbye2debt.com
>
> Blog: www.southerncaliforniabankruptcylawblog.com/
>
>
>
> *Important notice required by 11 U.S.C. 528:* We are a debt relief
> agency. We help people file for bankruptcy relief under the Bankruptcy Code.
>
>
>
> *Confidentiality Note*: This e-mail is intended only for the person or
> entity to which it is addressed and may contain information that is
> privileged, confidential, or otherwise protected from disclosure.
> Dissemination, distribution, or copying of this e-mail or the information
> herein by anyone other than the intended recipient, or an employee or agent
> responsible for delivering the message to the intended recipient, is
> prohibited. If you have received this e-mail in error, please notify us
> immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the
> original message and all copies.
>
>
>
> *Representation Note*: If you have not signed a contract of
> representation, the Law Offices of Nicholas Gebelt do not represent you,
> and this email does not contain any legal advice for you.
>
>
>
> *IRS Circular 230 Disclosure: *In order to comply with the requirements
> imposed by the Internal Revenue Service, we inform you that any U.S. tax
> advice contained in this communication (including any attachments) is not
> intended 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 herein.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Monday, July 06, 2015 2:31 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Prepetition contributions to Roth IRA
>
>
>
>
>
> PC put money into his Roth IRA in April. How long must he wait until its
> no longer a preference? 3 months? 6 months?
>
>
>
> Gerry
>
>
>
> [image: McNally Bus Card Smaller]
>
>
>
> Gerald McNally
>
> McNally & Associates, P.C.
>
> 517 East Wilson Ave., Ste 104
>
> Glendale, CA 91206
>
> 818.507.5100
>
> Fax: 818.507.5001
>
>
>
> Notice to Recipient: This email is meant for only the intended recipient
> of the transmission and may be a communication privileged by law. If you
> received this email in error, and review, use, dissemination, distribution
> or copying of this email is strictly prohibited. Please notify us
> immediately of the error by return email and please delete this message and
> any and all duplicates of this message from your system. Thank you in
> advance for your cooperation.
>
>
>
> *IRS Circular 230 Disclosure: In order to comply with the requirements
> imposed by the Internal Revenue Service, we inform you that any U.S. tax
> advice contained in this communication (including any attachments) is not
> intended 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 herein.*
>
>
>
>
>
It is not preference but it can be fraudulent conveyance.or put a lot of money into some kind of retirement plan and the trustee (and I remember itwas a trustee in LA Downtown) brought a fraudulent conveyance action. I cannot locate the case now. But the case was about 12 years ago.On Mon, Jul 6, 2015 at 2:45 PM, Nicholas Gebelt ngebelt@gebeltlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Dear Gerry,
A preference is a prepetition payment to
a creditor. See 11 U.S.C. 547(b). A payment to the debtors IRA is not a payment to a creditor, and is therefore not a preference.
The post was migrated from Yahoo.
X-Original-Return-Path: "MARIA W. TAM"
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
It is not preference but it can be fraudulent conveyance. I vaguely
remember seeing a published opinion about this. Debtor put a lot of money
into some kind of retirement plan and the trustee (and I remember it was a
trustee in LA Downtown) brought a fraudulent conveyance action. I cannot
locate the case now. But the case was about 12 years ago.
On Mon, Jul 6, 2015 at 2:45 PM, Nicholas Gebelt ngebelt@gebeltlaw.com
[cdcbaa] wrote:
>
>
> Dear Gerry,
>
>
>
> A preference is a prepetition payment to *a creditor.* *See *11 U.S.C.
> 547(b). A payment to the debtors IRA is not a payment to a creditor, and
> is therefore not a preference.
>
>
>
> All the best,
>
>
>
> Nick
>
>
>
> *Nicholas Gebelt*
>
>
>
> Nicholas Gebelt, Ph.D., J.D.
>
> Attorney at Law
>
> Certified Bankruptcy Law Specialist State Bar of California Board of
> Legal Specialization
>
> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>
>
>
> [image: Description: Description: Description:
> cid:image003.jpg@01CC076B.B14D73C0]
>
>
>
> Law Offices of Nicholas Gebelt
>
> 15150 Hornell Street
>
> Whittier, CA 90604
>
> Phone: 562.777.9159
>
> FAX: 562.946.1365
>
> Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
>
> Web: www.goodbye2debt.com
>
> Blog: www.southerncaliforniabankruptcylawblog.com/
>
>
>
> *Important notice required by 11 U.S.C. 528:* We are a debt relief
> agency. We help people file for bankruptcy relief under the Bankruptcy Code.
>
>
>
> *Confidentiality Note*: This e-mail is intended only for the person or
> entity to which it is addressed and may contain information that is
> privileged, confidential, or otherwise protected from disclosure.
> Dissemination, distribution, or copying of this e-mail or the information
> herein by anyone other than the intended recipient, or an employee or agent
> responsible for delivering the message to the intended recipient, is
> prohibited. If you have received this e-mail in error, please notify us
> immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the
> original message and all copies.
>
>
>
> *Representation Note*: If you have not signed a contract of
> representation, the Law Offices of Nicholas Gebelt do not represent you,
> and this email does not contain any legal advice for you.
>
>
>
> *IRS Circular 230 Disclosure: *In order to comply with the requirements
> imposed by the Internal Revenue Service, we inform you that any U.S. tax
> advice contained in this communication (including any attachments) is not
> intended 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 herein.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Monday, July 06, 2015 2:31 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Prepetition contributions to Roth IRA
>
>
>
>
>
> PC put money into his Roth IRA in April. How long must he wait until its
> no longer a preference? 3 months? 6 months?
>
>
>
> Gerry
>
>
>
> [image: McNally Bus Card Smaller]
>
>
>
> Gerald McNally
>
> McNally & Associates, P.C.
>
> 517 East Wilson Ave., Ste 104
>
> Glendale, CA 91206
>
> 818.507.5100
>
> Fax: 818.507.5001
>
>
>
> Notice to Recipient: This email is meant for only the intended recipient
> of the transmission and may be a communication privileged by law. If you
> received this email in error, and review, use, dissemination, distribution
> or copying of this email is strictly prohibited. Please notify us
> immediately of the error by return email and please delete this message and
> any and all duplicates of this message from your system. Thank you in
> advance for your cooperation.
>
>
>
> *IRS Circular 230 Disclosure: In order to comply with the requirements
> imposed by the Internal Revenue Service, we inform you that any U.S. tax
> advice contained in this communication (including any attachments) is not
> intended 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 herein.*
>
>
>
>
>
It is not preference but it can be fraudulent conveyance.or put a lot of money into some kind of retirement plan and the trustee (and I remember itwas a trustee in LA Downtown) brought a fraudulent conveyance action. I cannot locate the case now. But the case was about 12 years ago.On Mon, Jul 6, 2015 at 2:45 PM, Nicholas Gebelt ngebelt@gebeltlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Dear Gerry,
A preference is a prepetition payment to
a creditor. See 11 U.S.C. 547(b). A payment to the debtors IRA is not a payment to a creditor, and is therefore not a preference.
The post was migrated from Yahoo.
Dear Gerry,
A preference is a prepetition payment to a creditor. See 11 U.S.C. 547(b). A payment to the debtor's IRA is not a payment to a creditor, and is therefore not a preference.
All the best,
Nick
Nicholas Gebelt
Nicholas Gebelt, Ph.D., J.D.
Attorney at Law
Certified Bankruptcy Law Specialist - State Bar of California Board of Legal Specialization
Commissioner, California State Bar's Bankruptcy Law Advisory Committee
[Description: Description: Description: cid:image003.jpg@01CC076B.B14D73C0]
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
Web: www.goodbye2debt.com
Blog: www.southerncaliforniabankruptcylawblog.com/
Important notice required by 11 U.S.C. 528: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the original message and all copies.
Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.
IRS Circular 230 Disclosure: In order to comply with the requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended 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 herein.
The post was migrated from Yahoo.
PC put money into his Roth IRA in April. How long must he wait until it's
no longer a preference? 3 months? 6 months?
Gerry
Gerald McNally
McNally & Associates, P.C.
517 East Wilson Ave., Ste 104
Glendale, CA 91206
818.507.5100
Fax: 818.507.5001
Notice to Recipient: This email is meant for only the intended recipient of
the transmission and may be a communication privileged by law. If you
received this email in error, and review, use, dissemination, distribution
or copying of this email is strictly prohibited. Please notify us
immediately of the error by return email and please delete this message and
any and all duplicates of this message from your system. Thank you in
advance for your cooperation.
IRS Circular 230 Disclosure: In order to comply with the requirements
imposed by the Internal Revenue Service, we inform you that any U.S. tax
advice contained in this communication (including any attachments) is not
intended 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 herein.
The post was migrated from Yahoo.