Converting non-exempt assets to exempt assets before filing a bankruptcy is notonly non-fraudulent, you have a duty as counsel to make sure the debtor maximizes this type of pre-bankruptcy planning. Keep in mind the CA IRA has a "reasonably necessary" for retirement limit in addition to the limit to contribute only the tax deductible amount foreach tax year.
Law Offices of Peter M. Lively
Personal Financial Law Center I
11965 Venice Blvd, Suite 301
Los Angeles, CA 90066-3977
310-899-0630
800-307-DEBT (3328)
Fax: 310-899-0632
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706 Newport Boulevard, Suite B
Costa Mesa, California 92627-3073
Telephone: 949-650-DEBT(3328)
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To:
cdcbaa@yahoogroups.com
Sent: Wed, January 6, 2010 7:28:17 PM
Subject: [cdcbaa] Funding IRA Accounts before filing
Dear List mates:
Client is interested in funding a 401k He and wide qualify for $5000 IRA contributions for 2009 and 2010, for a total of $20,000. He will file a Chapter in a few weeks. Will funding two years trigger some backlash if had not funded at this level in prior years?
Stephen M. Stern, Esq.
Law Office of Stephen M. Stern, PLC
1026 Palm Street, Suite 201
San Luis Obispo, CA 93401
(805) 543-5297
Converting non-exempt assets to exempt assets before filing a bankruptcy is not only non-fraudulent, you have a duty as counsel to make sure the debtor maximizes this type of pre-bankruptcy planning. Keep in mind the CA IRA has a "reasonably necessary" for retirement limit in addition to the limit to contribute only the tax deductible amount for each tax year. Peter M. Lively, J.D./M.B.A.Law Offices of Peter M. Lively Personal Financial Law Center I11965 Venice Blvd, Suite 301 Los Angeles, CA 90066-3977 310-899-0630 800-307-DEBT (3328)Fax: 310-899-0632 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706 Newport Boulevard, Suite BCosta Mesa, California 92627-3073Telephone: 949-650-DEBT(3328)
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Stephen <
legalsos4u@yahoo.com>To:
cdcbaa@yahoogroups.comSent: Wed, January 6, 2010 7:28:17 PMSubject: [cdcbaa] Funding IRA Accounts before filing
Dear List mates:Client is interested in funding a 401k He and wide qualify for $5000 IRA contributions for 2009 and 2010, for a total of $20,000. He will file a Chapter in a few weeks. Will funding two years trigger some backlash if had not funded at this level in prior years?Stephen M. Stern, Esq.Law Office of Stephen M. Stern, PLC1026 Palm Street, Suite 201San Luis Obispo, CA 93401(805) 543-5297
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