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Special Report on

Spendthrift Trusts in Bankruptcy

spendthrift trusts in bankruptcy special research report Photo by www.winkandwink.com
Steven Molasky, a son of real estate developer Irwin Molasky, lived the good life before filing for Chapter 11 bankruptcy last month -- if his assets are any indication. After filing the bankruptcy petition, he reported $53 million in assets and $107 million in liabilities on May 29. While Molasky pursued a variety of business interests, he primarily is a real estate developer and yet another example of how the credit crunch is hammering real estate businesspeople. Creditors got a chance to question him at a bankruptcy hearing Thursday, but the financial report answers many questions about Molasky's personal and business ...
(Article 1, Section 8, Clause 4) which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy Reform Act of 1978 , codified in Title 11 of the United States Code , commonly referred to as the Bankruptcy Code ("Code"). The Code has been amended several times since 1978, most recently in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA . Some law relevant to bankruptcy is found in other parts of the United States ...
REVIEWS AND OPINIONS
Inheritance in Bankruptcy: Spendthrift Trust Benefits and ...
Inherited assets which arise during bankruptcy can present issues because they are not exempt under Colorado bankruptcy law and are subject to liquidation as part of the bankruptcy estate that is created when a bankruptcy is filed. However, there are estate-planning devices that can help to protect potential assets that may be inherited during a bankruptcy. These are called spendthrift trusts. Use of a spendthrift trust to protect assets which may be inherited during bankruptcy can be a good idea if a loved one is in poor health and able to make estate planning decisions. Parents and grandparents who have family members facing ... market research, surveys and trends
4th DCA: Florida's asset protection shield for spendthrift trusts ...
4th DCA: Florida's asset protection shield for spendthrift trusts survives creditor attack: emerges stronger than ever Miller v. Kresser , --- So.3d ----, 2010 WL 1779899 (Fla. 4th DCA May 05, 2010) Multigenerational spendthrift trusts - often referred to as "dynasty trusts" - are fast becoming the cornerstone of modern estate planning. This is not some esoteric issue of interest only to tax lawyers: it's big business. A 2005 study I wrote about here  estimated that these trusts attracted over $100 Billion in new assets over a relatively short period of time. The fact that spendthrift trusts hold vast amounts of ... market research, surveys and trends

SURVEY RESULTS FOR
SPENDTHRIFT TRUSTS IN BANKRUPTCY

Hide in Plain Sight: IRA's, Creditors and the Inherent Conflict of R
Their efforts to recover the $33 million judgment against Simpson foundered .... (imposing a 15 percent tax on prohibited transactions between a plan and a ...... treatment of spendthrift trusts in bankruptcy has provided a focus for ... industry trends, business articles and survey research
Has Offshore Trust Litigation Spoiled the Fun? Recent Decisions ...
The effectiveness of the so-called "spendthrift trust" in protecting an individual�s beneficial trust interest from his creditors has been firmly established in the United States ever since the Supreme Court�s 1875 landmark decision in Nichols v. Eaton . The Nichols case, however, involved a spendthrift trust created for the benefit of a third party beneficiary rather than for the settlor herself. With limited exceptions, the laws of the U.S. do not permit an individual to place assets in trust for her own benefit (a "self-settled trust"), and effectively place those assets beyond the reach of creditors. This is true whether the ... industry trends, business articles and survey research
RELATED NEWS
When Must You Reveal Your Wealth?
Over the past year I've become involved with a terrific woman. Because I live simply, Amy has no idea that I'm a fairly wealthy guy, and I'm concerned that, by remaining silent, I'm in effect lying to her about my means. Trouble is, Amy has a bit of the designer label gene, and I'm worried she'd expect me to be much more of a spender if she knew the truth. Is there a point at which I must reveal to her that the reason we don't dine at the Ritz is not that I can't afford to but because I don't want to? Answer: Brace yourself. The point at which you must tell her is now. Don't get ... market trends, news research and surveys resources

INFORMATION RESOURCES

Article PDF - DEFEATING THE SELF-SETTLED SPENDTHRIFT TRUST IN ...
self-settled spendthrift trusts in bankruptcy easily triggers and fulfills the requirements of these tests, allowing the court to apply ... technology research, surveys study and trend statistics
Schultz- Spendthrift Trust
under 11 U.S.C. § 541(c)(2) because the Consolidated Trust is a spendthrift trust. The. Debtor further asserts that the Bankruptcy Trustee is required to ... technology research, surveys study and trend statistics
REAL TIME
SPENDTHRIFT TRUSTS IN BANKRUPTCY
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QUESTIONS AND ANSWERS
Bankruptcy Law: beneficiary of trusts and life insurance policies ...
QUESTION: Thank you for your help. My wife and I are in the process of jointly filing Chapter 7 without legal help. My wife and her siblings have an equal share in an irrevocable trust that they will come into upon the death of her father and step-mother. Her share in this is just under $500,000. Since both her parents are very healthy and only in the early 70s this is not money we will be seeing for many years. Should it still be entered as an asset? Also, we both have life insurance policies that name each other as beneficiaries. Mine is for a total of one million and hers is around $500,000. Do we list these as assets too ...
What happens when you get sued for a huge amount of money? - Yahoo ...
What happens when an ordinary person gets sued for something like $100 million? Do they have to give up any extra income they earn for the rest of their lives or something? Who pays the money in the end? It all depends. If it's a tort claim and the defendant has insurance, even for a much smaller policy limit like $100,000 or less, his or her insurer has to defend the case. If the defendant loses, or has no insurance and chooses not to defend, then we have to know what the case is all about. If it's a claim that, if taken to judgment would not be dischargeable in bankruptcy -- like the Goldmans' ...