Central District Consumer Bankruptcy Attorney's Association

You're assuming the heart out of the question. I would love to learn about
an unlimited exemption vehicle that could absorb the inheritance. Please
share.
Giovanni Orantes, Esq.
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
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You're assuming the heart out of the question. I would love to learn about an unlimited exemption vehicle that could absorb the inheritance. Please share.-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980Los Angeles, CA 90010Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO AND SANTA BARBARA.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 at (213) 389-4362 or (888) 619-8222.
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.

Let me shift the scope slightly:
She isn't set on an IRA specifically - just any type of unlimited exemption
vehicle. Assuming there *is* one that could absorb the whole inheritance,
I'm interested to know how the transfer would be characterized.
On Fri, Jun 29, 2012 at 12:11 PM, Patrick T. Green wrote:
> **
>
>
> This is an excellent case to illustrate that a debtors attorney needs
> more tools in their kit than a bankruptcy. ****
>
> ** **
>
> **1. ** She *must* answer the lawsuit. This takes away the rush to
> the bankruptcy court. There may be a legitimate defense.****
>
> **2. ** If you cannot keep exemption planning from spilling over into
> the *hogs get slaughtered* category, then she needs to look at the
> possibility of negotiating these debts down to the $10k range.****
>
> ** **
>
> 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****
>
> ** **
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Jason Boyer
> *Sent:* Wednesday, June 20, 2012 9:09 PM
> *To:* cdcbaa@yahoogroups.com
>
> *Subject:* [cdcbaa] Prepetition planning or fraudulent transfer?****
>
> ** **
>
> ****
>
> Listmates:
>
>
> PC would be a smooth Ch7 No-Asset except for $45k in a savings account she
> inherited from deceased husband in late 2011. Originated from husband's
> trust, and is just now sitting in a savings account. PC used ~$10k of it
> in 2011 to pay medical expenses, but has not used it for other purposes.
> Owes ~$40k in credit card debt, and was served with $25k collections suit
> approximately 2 weeks ago.
>
> Obviously, she wants to protect the inheritance money as best she can and
> minimize her exposure to all her creditors, with the collections suit being
> the most aggressive. She is considering funding an IRA with the $45k and
> then going into a Ch7, since she doesn't plan to use that money for
> anything other than retirement purposes anyway.
>
> So this appears to fall somewhere in between allowable shifting of
> nonexempt property into exempt property, and a transfer made to hinder her
> creditors. The case law I've looked at for this has been so far extreme
> examples - people incurring large debt to drive up homestead, people moving
> across states to utilize exemption laws, people not disclosing
> transfers/assets on schedules, etc. I'll continue with research but if
> anyone has experience with how this may be treated in LA, I would
> appreciate it. Thank you.
>
> --
> Jason Boyer
> Boyer Tadros Law, PC
> 5150 E. Pacific Coast Hwy, Suite 200
> Long Beach, CA 90804
> T: 562-346-3276
> F: ****
>
> ****
>
>
>
Jason Boyer
Boyer Tadros Law, PC
5150 E. Pacific Coast Hwy, Suite 200
Long Beach, CA 90804
T: 562-346-3276
F: 562-684-0775
jboyer@boyertadroslaw.com
www.boyertadroslaw.com
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Let me shift the scope slightly:She isn't set on an IRA specifically - just any type of unlimited exemption vehicle. Assuming there is one that could absorb the whole inheritance, I'm interested to know how the transfer would be characterized.
On Fri, Jun 29, 2012 at 12:11 PM, Patrick T. Green <She must answer the lawsuit. This takes away the rush to the bankruptcy court. There may be a legitimate defense.
2. If you cannot keep exemption planning from spilling over into the hogs get slaughtered category, then she needs to look at the possibility of negotiating these debts down to the $10k range.
If you have any questions or concerns, please contact me.
Pat
The post was migrated from Yahoo.

This is an excellent case to illustrate that a debtor's attorney needs more
tools in their kit than a bankruptcy.
1. She must answer the lawsuit. This takes away the rush to the
bankruptcy court. There may be a legitimate defense.
2. If you cannot keep exemption planning from spilling over into the
hogs get slaughtered category, then she needs to look at the possibility of
negotiating these debts down to the $10k range.
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.

charset="UTF-8"
IRA rollover is lost if not done within sixty days.
Annual Roth IRA and IRA contribution in 2012 is $6k for those 50 and over and 5k for those under 50. This amount goes down if income is too hig
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.

charsetF-8;
format="flowed"
There is a maximum cap on how much may be contributed to an IRA each
year under the IRC. Your client should consult her tax accountant
before making any contributions to determine the amount applicable for
her. There are other exemptions she can obviously utilize too for her
prebankruptcy planning.
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)
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.
On Wed, 20 Jun 2012 21:08:50 -0700, Jason Boyer wrote:
Listmates:
PC would be a smooth Ch7 No-Asset except for $45k in a savings account
she inherited from deceased husband in late 2011. Originated from
husband's trust, and is just now sitting in a savings account. PC used
~$10k of it in 2011 to pay medical expenses, but has not used it for
other purposes. Owes ~$40k in credit card debt, and was served with
$25k collections suit approximately 2 weeks ago.
Obviously, she wants to protect the inheritance money as best she can
and minimize her exposure to all her creditors, with the collections
suit being the most aggressive. She is considering funding an IRA with
the $45k and then going into a Ch7, since she doesn't plan to use that
money for anything other than retirement purposes anyway.
So this appears to fall somewhere in between allowable shifting of
nonexempt property into exempt property, and a transfer made to hinder
her creditors. The case law I've looked at for this has been so far
extreme examples - people incurring large debt to drive up homestead,
people moving across states to utilize exemption laws, people not
disclosing transfers/assets on schedules, etc. I'll continue with
research but if anyone has experience with how this may be treated in
LA, I would appreciate it. Thank you.
Jason Boyer
Boyer Tadros Law, PC
5150 E. Pacific Coast Hwy, Suite 200
Long Beach, CA 90804
T: 562-346-3276
F:
start="6lcf5alz3nwo@webmail.mysuperpageshosting.com"
charsetF-8
p{margin: 0;padding: 0;}There is a maximum cap on how much may
be contributed to an IRA each year under the IRC. Your client should
consult her tax accountant before making any contributions to determine the
amount applicable for her. There are other exemptions she can obviously
utilize too for her prebankruptcy planning.
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.
On Wed, 20 Jun 2012 21:08:50 -0700, Jason Boyer
<jboyer@boyertadroslaw.com> wrote:

The post was migrated from Yahoo.

Ok, I fixed your spelling of prepetition in the subject line.
What is the requirement for an Ira to be exempt. Isn't the first requirement that the deposit in the IRA be allowed by the IRS?
You did not say if the inheritance was a retirement account that can be rolled into an ira, so I cannot opine if your theory is correct. What is the source of the money, a retirement account, or just an everyday inheritance? Have you inquired of an accountant regarding whether the inheritance can be legally put in an IRA?
d
________________________________
To: cdcbaa@yahoogroups.com
Sent: Wednesday, June 20, 2012 9:08 PM
Subject: [cdcbaa] Prepetition planning or fraudulent transfer?
Listmates:
PC would be a smooth Ch7 No-Asset except for $45k in a savings account she inherited from deceased husband in late 2011. Originated from husband's trust, and is just now sitting in a savings account. PC used ~$10k of it in 2011 to pay medical expenses, but has not used it for other purposes. Owes ~$40k in credit card debt, and was served with $25k collections suit approximately 2 weeks ago.
Obviously, she wants to protect the inheritance money as best she can and minimize her exposure to all her creditors, with the collections suit being the most aggressive. She is considering funding an IRA with the $45k and then going into a Ch7, since she doesn't plan to use that money for anything other than retirement purposes anyway.
So this appears to fall somewhere in between allowable shifting of nonexempt property into exempt property, and a transfer made to hinder her creditors. The case law I've looked at for this has been so far extreme examples - people incurring large debt to drive up homestead, people moving across states to utilize exemption laws, people not disclosing transfers/assets on schedules, etc. I'll continue with research but if anyone has experience with how this may be treated in LA, I would appreciate it. Thank you.
Jason Boyer
Boyer Tadros Law, PC
5150 E. Pacific Coast Hwy, Suite 200
Long Beach, CA 90804
T: 562-346-3276
F:

The post was migrated from Yahoo.