Fwd: Trustee of trust files personal BK - any problems for trust...
Posted: Wed Feb 12, 2014 1:15 pm
No issue as it is not an asset of the estate. It should be disclosed in
the Statement of Financial Affairs as assets being held for another. I note
that filing for bankruptcy relief is a basis for removal as a trustee in
CA. There may be a similar provision under FL law.
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 2/12/2014 1:02:57 P.M. Pacific Standard Time,
hollyroark22@gmail.com writes:
Debtor is the trustee of his mother's irrevocable trust. He is not the
trustor, nor is he a beneficiary.
If he files Chapter 7, is there any problem for the trust assets? The
trust was created in Florida and the bk is in California.
It seems to me since he has no beneficial interest in the trust then the assets of the trust cannot be property of his bankruptcy estate.
Just checking. Thank you for your comments.
Holly Roark
Certified Bankruptcy Specialist*
_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)
*By State Bar of California Board of Legal Specialization
**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.**
No issue as it is not an asset of the estate. It should be
disclosed in the Statement of Financial Affairs as assets being held for
another. I note that filing for bankruptcy relief is a basis for
removal as a trustee in CA. There may be a similar
provision under FL law.
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)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.
In a message dated 2/12/2014 1:02:57 P.M. Pacific Standard Time,
hollyroark22@gmail.com writes:
Debtor is the trustee of his mother's irrevocable trust. He is not the
trustor, nor is he a beneficiary.If he files Chapter 7, is there
any problem for the trust assets? The trust was created in Florida and the bk
is in California.
It seems to me since he has no beneficial interest in the trust then the
assets of the trust cannot be property of his bankruptcy estate.
Just checking. Thank you for your comments.
Holly Roark
Certified Bankruptcy Specialist*
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
*By State Bar
of California Board of Legal Specialization
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