Bankruptcy Law and Inheritance by Tampa Bay Bankruptcy Center, P.A. on 5/22/2012 If you receive an inheritance, what does the bankruptcy law say about it? More specifically, if you are given an inheritance after you file for bankruptcy what happens to it? The bankruptcy code has different ways of treating...more
Can I Inherit Property While I’m in Bankruptcy or File Bankruptcy After I Inherit Property? by Drake Shunneson on 5/11/2012 Can I Inherit Property While I’m in Bankruptcy or File Bankruptcy After I Inherit Property?...more
Conversion: Chapter 13 to a Chapter 7 by Robert Firth on 3/21/2012 At the law office of Robert L. Firth located in Cathedral City, California, we are committed to providing quality legal representation to individuals and businesses facing difficult legal challenges. We believe in providing...more
Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.) by Potter Anderson & Corroon LLP on 3/19/2012 In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien. Defendant Metropolitan Hospice, Inc. (“MHI”), a closely held corporation,...more
Clawback–Myth Or Monster? (Or, “Clawback For Dummies”) by Charles (Chuck) Rubin on 3/12/2012 [Okay, we are not dummies, but this is a very tough issue to follow in its entirety for most of us.] Until recently, the term “clawback” did not mean much to estate planners and tax attorneys. Those with some knowledge...more
Wealth Management Update - March 2012 by Proskauer Rose LLP on 3/5/2012 A monthly report for wealth management professionals. In This Issue: - March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - In re Grube...more
Weiss v. Boyle Trust Beneficiary Massachusetts Homestead Invalidated by David K Webber on 2/16/2012 The debtor in this Chapter 7 bankruptcy case claimed a homestead exemption for real property held in trust. Although the debtor was a beneficiary holding fifty percent of the interests in the trust and occupied the property,...more
Bankruptcy for a collection-proof senior citizen? by Malcolm Ruthven on 1/3/2012 Senior citizens have contacted me to discuss the possibility of bankruptcy for them. Most of them have no assets that their creditors could get; they could "exempt" from creditors all of their assets. What do I say to them?...more
If I inherit money after my bankruptcy, can I keep it? by Malcolm Ruthven on 12/7/2011 I need to file a Chapter 7 bankruptcy. My father is elderly and quite ill. If he dies after my bankruptcy and I inherit money from that, can I keep it? In general, when a person files bankruptcy, his or her "bankruptcy...more
Judicial Restraint in the Early Days Following Stern v. Marshall by Morrison & Foerster LLP on 11/30/2011 Over five months have passed since the United States Supreme Court entered its landmark decision of Stern v. Marshall, 131 S. Ct. 2594 (2011) [2011 BL 165774] the Court’s first key ruling in decades on bankruptcy court...more
No Surprise Here by Charles (Chuck) Rubin on 10/24/2011 There has been quite a bit of buzz about a recent bankruptcy case involving an Alaska asset protection trust. However, the case merely confirms a weakness in the use of domestic asset protection trusts that was obvious even...more
FDIC Adopts Final Rule Requiring “Living Wills” For Financial Institutions; Rule Requires Financial Institutions To Describe How... by Lowenstein Sandler PC on 9/14/2011 On September 13, 2011, the Federal Deposit Insurance Corporation approved a final rule requiring certain financial institutions to prepare a plan for their dismantling in the event of material financial distress or...more
Asset Protection Planning by Maureen O'Leary Guth on 9/8/2011 Asset protection planning is a hot topic for many people. This article summarizes various asset protection planning strategies, short of filing for bankruptcy....more
Florida Legislative Update–Creditor Protection For IRA’s [Florida] by Charles (Chuck) Rubin on 8/31/2011 In likely response to earlier cases in various states questioning the creditor protection aspects of an inherited IRA, Fla.Stats. §222.21(2)(c) has been modified to expressly include such IRAs in Florida’s statutory...more
FCC Sets Limits on Use of Divestiture Trusts When Station Purchase Would Put Buyer in Violation of Multiple Ownership Rules by Davis Wright Tremaine LLP on 8/2/2011 When one broadcast licensee company buys another, or when there is a restructuring of a company with broadcast ownership holdings that are grandfathered under current ownership rules, there often arises a need to divest...more