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Posts Tagged ‘asset protection’

Pre-Bankruptcy Planning can include Removal of Trust Beneficiary

Pre-Bankruptcy planning requires debtors to make sure that their pre-bankruptcy asset transfers are made for equivalent value to avoid being clawed back as fraudulent to creditors.  A CA court recently held that a parent’s removal of a beneficiary (soon to be debtor) from a family trust is not a fraudulent transfer.    

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Demystifying bankruptcy: Start your prep 3+ months ahead

Planning is key.  Payment by an insolvent entity for old debt is known as a “preference,” and the creditor may have to disgorge in bankruptcy if it received a greater payout than it would in Chapter 7.  As the key to bankruptcy is equitable distribution, the creditor will be paid only its pro rata share.  To…

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