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If you still own the property, or you control or can revoke the trust, absolutely.
If your basically just the trustee of a trust that is holding things to benefit others, probably not.
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∙ 16y ago
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Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
When filing bankruptcy is the trust property attached and liquided. How would a liquor licenses be affected.?
Bankruptcy rules require that any state and federal taxes be paid prior to the transfer of the liquor license to someone else. The liquor license is considered a negotiable asset.
What happen to the irrevocable trust after the grantos death?
You need to review the document that created the trust. A trust should contain all the provisions necessary to the management of the trust property by the trustee. It should recite all the powers of the trustee and what should happen to the trust property at the termination of the trust. Title to trust property stands in the name of the trustee who holds title in the name of the trust. The type of trust you refer to usually has detailed instructions as to how the trust property should be distributed upon the death of the grantor and how that property should be transferred by the trustee.
Does SPA Trust asset protection work in bankruptcy?
It can, provided the trust is written properly and, often more important, the transfer of property to the trust is not able to be considered a fraudulent transfer. You should consult an attorney to see if it would work for you, because everyone's facts are different. Todd H's experience: "I put a home in a SPA Trust a couple years ago and recently went through a business and personal bankruptcy. We disclosed everything to the bankruptcy judge and he said it was perfectly legal and a SPA Trust is not included in bankruptcy. I still have a home to show for it."
What is considered bankruptcy exempt property If you are a trustee of a realty trust is that property considered your asset?
There is a difference between something that is your asset and something that is not. Exemptions only apply to assets.Whether the realty trust is your asset depends on the trust instrument and your state law. In most cases, if the property was yours and you put it into a realty trust, and you are the trustee and the beneficiary of the trust, there is no legal trust, merely the form of a trust.If it is a true trust, then the question becomes, are you a/the beneficiary and what is your share of the value of the trust? That is an asset.If it is a true trust but it is a revocable trust so that you get the trust property on revocation, that will probably be an asset to you also.This is a complex area of law, and you really need to have an experienced trust/bankruptcy lawyer look everything over.
Can you have a trust and file for bankruptcy?
You can have a trust and file for bankruptcy but the more important question is whether you should given what is in the trust, who transferred the assets into the trust and who is a beneficiary of the trust. If you have set up a trust and have irrevocably transferred all of your interest to assets to the trust then there may be questions of whether the transfers were proper and allowable under bankruptcy law. If you are a beneficiary of a trust the question becomes whether your beneficial interest in the trust is protected when you file for bankruptcy. This will depend on reviewing the facts of how the trust and reviewing the trust documents.
Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
Is property held in trust subject to estate recovery by medicaid?
If the trust is drafted properly by an expert in trust law, the property should not be vulnerable to creditors. For any trust needs or questions one should consult with an expert in trust law.
Can a lien be recorded against a property in a trust?
If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.
Is a family trust prepared in Arkansas valid if your family and you change your legal residence to Texas?
You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.
What is a Trust Res?
The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.
Can you include past due lot rent in a bankruptcy?
Taken from the webpage of King Law firm State Income Tax Claims, Federal Tax Claims, and Real Estate Taxes must be included in a bankruptcy filing. Income tax claims that are less than three years old will usually be consolidated with other debts and paid over three to five years in a Chapter 13. Depending upon income and assets, income tax claims for returns that were filed more than three years before the bankruptcy can sometimes be reduced substantially in a Chapter 13 and eliminated completely in a Chapter 7. ----- Generally personal income taxes that are over three years old, and were assessed at least 240 days prior to bankruptcy filing, and voluntarily filed at least two years ago, can be included in a bankruptcy. However, most taxes aren't dischargeable. The trust fund portion of employment taxes is not dischargeable in bankruptcy; therefore, an Offer in Compromise is the only way to effectively eliminate the burden of the trust fund portion of employment taxes.
