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I've been a bankruptcy attorney in California for 10 years and have never encountered such an issue. That's interesting. My inclination is to find out if your life interest in an estate is transferable. In most circumstances life estates are created to provide a person the right to live on a property for the life of that person. If that is the case here and it's not transferable, I don't believe the Court will liquidate such an interest. On the other hand, you are entitled to certain exemptions (depending on your age/marital status/health) in your primary residence. So if it's your primary residence, it may still be exempted that way. However, if you hold a life estate on a property that is transferable or is receiving rental income (depending on the amount), it may be taken by the trustee for the creditors. I need more information to form a legal opinion.
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∙ 14y ago
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Did Life Wear Technologies Inc also file bankruptcy?
No
Can you file bankruptcy if I am not in Canada?
I guess so. My uncle filed for bankruptcy and he's never been to Canada in his life.
What happen if you have life use of home and person on deed file bankrupt?
It does not affect your life estate. But the title to the property can be sold or transferred, subject to the life estate.
If your uncle had a life estate in real property who is responsible for paying the costs of cleaning after he dies?
If there is an estate you might try to file a claim against the estate for the costs associated with the cleaning. If there is no estate, the fee owners will need to absorb the costs for the clean up.
Is it require to file gift tax return with IRS for a retained life estate deed?
I am a trusts and estates attorney in New York. You are correct that you must file a gift tax return when conveying a deed to a non-spouse even if you retain a life estate in said property. The property will also be included in the grantor's estate at full fair market value as of date of death.
How do you file a general denial?
How do you file a general answer and/or general denial in a lawsuit for credit card debt? [This is in regard to a civil suit pertainig to life estate property in the State of Florida.]
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
What kind of estate establishes the ownership of property for only the life of the owner?
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
Can you lose your life insurance and securities licenses if you file bankruptcy?
Probably not; bankruptcy law generally prohibits the revocation of any license due to filing bankruptcy. However, if you're Bernie Madoff (or someone like him), that may not hold; fraudulent debts generally can't be discharged, and thus are prime targets for license revocation. (Also, if you have a securities license you may NOT be allowed to file Chapter 13; ask your attorney.)
How do you file for a life insurance claim if the benediciary dies?
The company or agent can provide with a claim package, and the benefit will be paid to the estate unless there is a contingent beneficiary specified in the life policy.
If someone is granted a life estate and they remarry how will this affect the life estate?
When someone with a life estate remarries, it can complicate the ownership rights and future disposition of the property. The new spouse may have certain rights or claims on the property depending on the laws of the jurisdiction. It is recommended to consult with a legal professional to understand how the remarriage may impact the life estate.
How do you sever a life estate in Florida?
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.
