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Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
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.
Sometimes, parts of a living trust can be exempt from bankruptcy such as exemptions for a homestead, but even that isn't always the case. How a living trust is treated in a bankruptcy varies depending on how the laws of the state treat this type of trust as a whole. Typically though, living trusts are not fully exempt from bankruptcy.
Yes.
Is there any trust named by Marhaba trust in Pakistan?
If your name is on any account or CD, it is an asset of your bankruptcy estate. If the money cannot be exempted, then it can be siezed by the Trustee. However, if these are funds that are held in a Trust or become yours only upon the death of the holder of the funds, then they may not be reachable by a Trustee. If the person dies within 6 months of your bankruptcy filing date, then the money will have to go to the Trustee.
Not if the trust was properly drafted by a professional.
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."
Commingling is the breach of trust when funds someone holds for a client is mixed with own funds. Concerns are how profits/losses should be distributed and also what happens if bankruptcy occurs.
No, they cannot. A trust for the benefit of the dog, with specifics has to what happens to the remainder on the death of the dog, could be the sole beneficiary.
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
If the truck loan was discharged in your bankruptcy, your brother would still be legally obligated to make the payment. This is why it is not a good idea to co-sign anyone's loans. If the bank doesn't trust that the person will pay, then I would follow their lead.