Debtor is unable to obtai n copy of revocable trust=
Posted: Tue Mar 05, 2013 1:27 pm
There is no difference in the bankruptcy context between California real property held in a revocable living trust of which the debtor is the settlor
(creator) and real property titled in a debtor's name. Debtors are
entitled to the same exemptions regardless of whether the asset is held in a
revocable living trust or not. See Probate Code Section 18201. Revocableliving trusts provide no more asset protection from creditors in California
than property titled in an individual's name. See Probate Code Section 18200.
The interest of a nonsettlor beneficiary of a revocable living trust is not a property right under California law. See Burton v. Ulrich (In Re
Schmitt) 215 B.R. 417 (9th Circ BAP), Heifetz v. Bank of America 147 Cal.App.2nd
776, 784-785. Accordingly the trustee is asking for a copy of a trust to which he is not entitled as the debtor has no interest in the revocable
living trust.
See also the materials posted from the seminar Pat Green and I presented 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)
In a message dated 3/5/2013 1:04:46 P.M. Pacific Standard Time,
hollyroark22@gmail.com writes:
Dennis, in your scenario (which is different from the one I have here), when you "revoke the trust" I am presuming there still needs to be equity to
make it worth your while, or is there some other trick I am not aware of?
Holly Roark
_holly@roarklawoffices.com_ (mailto:holly@roarklawoffices.com) **primary
email address**
_www.roarklawoffices.com_ (http://www.roarklawoffices.com/)
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
**For a quicker response, email me at _holly@roarklawoffices.com_
(mailto:holly@roarklawoffices.com) .
I only use gmail for my listservs, and am likely to miss private emails directed to my gmail account.**
On Sun, Mar 3, 2013 at 9:08 PM, Dennis wrote:
When I was a trustee, lawyer stated property in trust. I said revocable, debtor said yes, I said, "I revoke the trust.". I then sold the house.
Dennis
Sent from my iPhone
On Mar 2, 2013, at 1:54 PM, _robert90701@aol.com_
(mailto:robert90701@aol.com) wrote:
Hello:
If you are a beneficiary of a irrevocable trust, or a revocable trust
while the Trustor is very old or ill, then you need to analyze if filing bankruptcy is the right thing to do. Thats because the trustee may have a right
to those assets for 180 days after filing your petition. Just because yourcase may have been discharged and the case closed, if there is still timeremaining, you could lose those assets if not protected by an exemption.
Good Luck starts with a strategy and a plan. The time is now to lower 2012 taxes.
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
_562-924-8922_ (tel:562-924-8922)
Tax Relief Lawyer. Former financial auditor and controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary income tax returns, Estate and Gift tax returns,
Homeowner Association Strategist.
As a strategist, I analyze and integrate the operations, reserve study,
budget, and financial statements into a unitary plan for 1 5 years,
utilizing my experience as
a former treasurer and president of a homeowners' association and
corporate
controller and auditor, to minimize homeowner association dues.
In a message dated 3/2/2013 7:21:55 A.M. Pacific Standard Time,
_marge@margeslaw.com_ (mailto:marge@margeslaw.com) writes:
Trust attorney cannot be compelled to turn over any estate planning
materials if his client is still alive. It is a breach of his ethical duty to
his living client. The trust attorney can write a letter that states thatand that settlor is alive; I have done it. Usually its because the debtor
states they are an heir or a beneficiary. You are not an heir until
somebody has died.
Margaret Norman, Attorney
111 N. Sepulveda Blvd. #355
Manhattan Beach, Ca. 90266
_310-376-7873_ (tel:310-376-7873)
_Marge@Margeslaw.com_ (mailto:Marge@Margeslaw.com)
[mailto:_cdcbaa@yahoogroups.com_ (mailto:cdcbaa@yahoogroups.com) ] On Behalf Of
Giovanni Orantes
Sent: Friday, March 01, 2013 6:38 PM
To: _cdcbaa@yahoogroups.com_ (mailto:cdcbaa@yahoogroups.com)
Cc: Strictly Bankruptcy Issues
Subject: Re: [cdcbaa] Debtor is unable to obtai n copy of revocable trustwhere he is a contingent beneficiary - can trustee force Settlor to turn over?
Provide declaration of debtor to the trsutee stating what you just said.
On Fri, Mar 1, 2013 at 6:34 PM, Holly Roark wrote:
Chapter 7 Trustee has requested a copy of a trust where the debtor is a
contingent beneficiary (or debtor believes he is a contingent beneficiary).
Both debtor and Settlor do not have a copy of the trust, and trust attorney
will not provide a copy. Can Chapter 7 trustee compel the turn over of
this trust? According to the trust attorney, it is revocable and Settlor can
change it at any time. Debtor has done his best to comply with trustee'sdemand to provide, but if he can't get a copy he can't get a copy.
Thoughts?
Holly Roark
_holly@roarklawoffices.com_ (mailto:holly@roarklawoffices.com) **primary
email address**
_www.roarklawoffices.com_ (http://www.roarklawoffices.com/)
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T _(310) 553-2600_ (tel:(310)%20553-2600)
F _(310) 553-2601_ (tel:(310)%20553-2601)
**For a quicker response, email me at _holly@roarklawoffices.com_
(mailto:holly@roarklawoffices.com) .
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
Giovanni Orantes, Esq.
Certified Bankruptcy Specialist* ;
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: _(213) 389-4362_ (tel:(213)%20389-4362)
Fax: _(877) 789-5776_ (tel:(877)%20789-5776)
e-mail: _go@gobklaw.com_ (mailto:go@gobklaw.com)
website: _www.gobklaw.com_ (http://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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There is no difference in the bankruptcy context between California real
property held in a revocable living trust of which the debtor is the
settlor (creator) and real property titled in a debtor's
name. Debtors are entitled to the same exemptions regardless ofwhether the asset is held in a revocable living trust or not. See Probate
Code Section 18201. Revocable living trusts provide no more asset
protection from creditors in California than property titled in an
individual's name. See Probate Code Section 18200.
The interest of a nonsettlor beneficiary of a revocable living trust is not
a property right under California law. See Burton v. Ulrich (In Re
Schmitt) 215 B.R. 417 (9th Circ BAP), Heifetz v. Bank of America 147 Cal.App.2nd
776, 784-785. Accordingly the trustee is asking for a copy of a trust to
which he is not entitled as the debtor has no interest in the revocable living
trust.
See also the materials posted from the seminar Pat Green and I presented in
October 2012: "When Bankruptcy collides with Trusts, Probate and
Conservatorships"
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 3/5/2013 1:04:46 P.M. Pacific Standard Time,
hollyroark22@gmail.com writes:
Dennis, in your scenario (which is different from the one I have here),
when you "revoke the trust" I am presuming there still needs to be equity to
make it worth your while, or is there some other trick I am
not aware of?
Holly Roark
holly@roarklawoffices.com **primary email
address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
On Sun, Mar 3, 2013 at 9:08 PM, Dennis <cdcbaamailbox@gmail.com> wrote:
When I was a trustee, lawyer stated property in trust. I said
revocable, debtor said yes, I said, "I revoke the trust.". I
then sold the house.
Dennis Sent from my iPhone
On Mar 2, 2013, at 1:54 PM, robert90701@aol.com
wrote:
The post was migrated from Yahoo.