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Duty to of Ch. 13 debtor to disclose postconfirmation inheritanc...
I don't think you need to disclose anything, but if anything from the trust
is recognized as income in the Debtor's tax returns, the trustee may move
to increase the plan after receipt of the debtor's tax return or income
statement anyway.
Giovanni Orantes, Esq.
Certified Bankruptcy Specialist*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
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I don't think you need to disclose anything, but if anything from the trust is recognized as income in the Debtor's tax returns, the trustee may move to increase the plan after receipt of the debtor's tax return or income statement anyway.
-- Giovanni Orantes, Esq.Certified Bankruptcy Specialist* Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 2920Los Angeles, CA 90010
Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of CertificationWE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
Note: The information contained in this e-mail message is confidential information intended only for the use of the individual or entity named. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution or copy of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by telephone or e-mail and delete the original e-mail IRS Circular 230 Disclosure: In order to comply with 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.
Was this a CA trust? Assuming so, if the decedent died postpetition and
this was a revocable trust when the bankruptcy case was filed it was not anasset of the estate. The interest of a non-settlor beneficiary of a
revocable trust is not a property right under California law. Burton v. Ulrich,
(In re Schmitt), 215 B.R. 417 (9th Circ. BAP), Heifetz v. Bank of America,147 Cal.App. 2d 776, 784-785. If this was a situation where say Dad diedprepetition leaving something to the debtor as a residual beneficiary, butallowing mom full use of the money then debtor has contingent remainder
interest. Contingent interests in an irrevocable trust that exists at the time
of the filing of a bankruptcy petition become property of the estate. Inre Neuton, 922 F.2d 1379, 1382-1383. Hopefully this was a revocable trustsituation and then if a CA trust you can maintain based upon Matter of
Newman, 903 F.2d 1150 (7th Cir. 1990) that the beneficial interest does not
become an asset of the estate and nothing need be amended. You may want to
look at the outline posted on the Yahoo list serve site from the seminar Pat
Green and I provided in October 2012 - WHEN BANKRUPTCY COLLIDES WITH
TRUSTS, PROBATE AND CONSERVATORSHIPS.
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 7/22/2013 1:51:26 P.M. Pacific Daylight Time,
dromerolaw@gmail.com writes:
That is the case here. The beneficiary has reached the age where the
trust document calls for an outright distribution to that beneficiary.
Sincerely,
Daniela P. Romero Law Office of Daniela P. Romero, APLC
1015 North Lake Ave., Ste. 212
Pasadena, CA 91104
Tel: (626) 817-2611
Fax: (626) 296-6991
email: _dromerolaw@gmail.com_ (mailto:dromerolaw@gmail.com)
web: _www.pasadenabankruptcylaw.com_
(http://www.pasadenabankruptcylaw.com/)
The post was migrated from Yahoo.
That is the case here. The beneficiary has reached the age where the trust
document calls for an outright distribution to that beneficiary.
Sincerely,
*
Daniela P. Romero*
*Law Office of Daniela P. Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611*
*Fax: (626) 296-6991*
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com*
The post was migrated from Yahoo.