Central District Consumer Bankruptcy Attorney's Association

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Todd:
Generally you are correct, see 547, 548 and 544. First, dad is not
transferring the house to son every surgery because the transfer was made
more than 7 years ago. Clients are now changing the facts and making stuff
up so beware. Second, if the house is transferred back before the case is
filed, then I don't see why dad can't protect his homestead.
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.
t_mannis
Sent: Tuesday, December 29, 2009 11:01 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Transfers/Recordation
I probably and unfortunately already know the answer to this question,
BUT.....
Client quitclaims his half interest (worth about $75,000) in a house (in
which he lives) to his son. He does so seven (7) years ago. However, son
never records until about a year and a half ago. Which controls? One could
argue that the recordation only serves to put others on notice, and that the
transfer itself took place years ago, but I have a feeling the Trustee does
not look at it that way. Somebody tell me I'm wrong?
Would other factors, such as the fact that the client is elderly and
transfers the property each surgery (they are frequent) to avoid probate
issues in case of the unthinkable matter? (I doubt it, but the only dumb
question is the one never asked, so I hear)
Finally, what if the son transfers the half interest back to dad? Property
is now back in the estate - can dad now claim the homestead?
Inquiring minds want to know.
Todd Mannis, Esq.
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Message
Todd:

Generally you are correct,
see 547, 548 and 544. First, dad is not transferring the house to sonevery surgery because the transfer was made more than 7 years ago. Clients
are now changing the facts and making stuff up so beware. Second, if the
house is transferred back before the case is filed, then I don't see why dad
can't protect his homestead.



David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.

Recordation date controls.
_____

The post was migrated from Yahoo.

I probably and unfortunately already know the answer to this question, BUT.....
Client quitclaims his half interest (worth about $75,000) in a house (in which he lives) to his son. He does so seven (7) years ago. However, son never records until about a year and a half ago. Which controls? One could argue that the recordation only serves to put others on notice, and that the transfer itself took place years ago, but I have a feeling the Trustee does not look at it that way. Somebody tell me I'm wrong?
Would other factors, such as the fact that the client is elderly and transfers the property each surgery (they are frequent) to avoid probate issues in case of the unthinkable matter? (I doubt it, but the only dumb question is the one never asked, so I hear)
Finally, what if the son transfers the half interest back to dad? Property is now back in the estate - can dad now claim the homestead?
Inquiring minds want to know.
Todd Mannis, Esq.

The post was migrated from Yahoo.