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UTMA Accounts
Mark, et al:
CA UTMA is found in Prob. Code 3900-3925. See particularly 3911-3914,
especially 3911(b).
As Steve points out, the transfer to the account could be a fraudulent
transfer.
As always, the larger the number, the bigger the trustees eyes get.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green
Attorney at Law
Fitzgerald & Green
1010 E. Union St. Ste. 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
In this case it was the debtor that deposited the money into the
account over a relatively long period of time, but there were
deposits within the past year. We're talking about $30,000 between
2 accounts here, and it's a case where the wildcard is already used
up on vehicles and other assets, so it makes a difference.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (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 (see what this
means at
The post was migrated from Yahoo.
Yes, they can, FBO the equitable owners.
If it is a lot of $$ then I'd query the debtors deeper to find the
origin of the funds to make sure they didn't just gift it to the kids
where it can be a fraudulent transfer, but if the monies came from
grandparents and is all traceable to that, or money they earned doing
acting (Jackie Kugin laws apply) then no problem.
Most of the UTMAs I've put in the SoFA were pretty small accounts and a
Trustee never questioned them.
Steven B. Lever
The post was migrated from Yahoo.
Does it make any difference if the debtor is the one who deposited
all the money into the UTMA accounts?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (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 (see what this
means at
The post was migrated from Yahoo.
Awesome. Are you both sure? I had someone else tell me under
California law they are not trusts and a trustee in bankruptcy could
take them. The Debtor as custodian has access to deposit and
withdraw from the accounts.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (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 (see what this
means at
The post was migrated from Yahoo.
Agree with Steve
On Nov 29, 2012 11:15 AM, "Steven B. Lever" wrote:
> **
>
>
> Only goes on Property Held for Others question of SoFA. It is minors
> money held as legal title only by adult/parent.****
>
> ** **
>
> Steven B. Lever ****
>
> ** **
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Mark J. Markus
> *Sent:* Thursday, November 29, 2012 9:53 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] UTMA Accounts****
>
> ** **
>
> UTMA custodial accounts for minors: property of the estate in parent's BK
> case, or protected?****
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (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 (see what this means
> at
> http://www.bklaw.com/bankruptcy-blog/20 ... efinition/
> )
> ________________________________________________
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Agree with Steve
On Nov 29, 2012 11:15 AM, "Steven B. Lever" <sblever@leverlaw.com> wrote:
The post was migrated from Yahoo.
UTMA custodial accounts for minors: property of the estate in
parent's BK case, or protected?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (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 (see what this
means at
The post was migrated from Yahoo.
Who contributed the money to the accounts? The Debtors? Grandparents? Rich uncle? I can see the Trustee seeking to set aside the transfer made 18 months ago if the money came from the Debtors - it's just too large an amount. If the money was all gifted by non-debtor relatives, then 541(d) would control.
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
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See 541(d)
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
lindseybgreen
Sent: Thursday, May 20, 2010 4:35 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] UTMA Accounts
Potential clients have 2 UTMA accounts. One is valued about $160,000 that
was established 18 months ago and another is valued at $60,000 established
10 years ago. Both accounts are in name of one debtor as an UTMA account
that belongs to debtor's minor child, age 16.
Will trustee go after these 2 accounts as the debtor is a fiduciary to this
child based upon the UTMA account or does the account belong to the child
and thus not part of debtor's estate?
Thanx in advance.
Lindsey B. Green, Esq.
Gumm & Green, LLP, Attorneys at Law
5743 Corsa Ave., Suite 111
Westlake Village, CA 91362
phone: 818 707 4233
fax: 818 707 4262
e-mail- Lindsey@gummandgreen.com
Message
See
541(d)
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.