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Old 07-17-2003, 11:14 AM
nonsense
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Trust accts

What is the name of your state? CA

How are children's trust accts affected? I have 2 trust accts for each of my kids. I have total control of the accts until they turn 18. Can't remember if it is stated with my SSN or theirs.

Will I have to liquidate these accts in a 7?
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Old 07-17-2003, 12:46 PM
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Join Date: Feb 2003
Location: TX
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If they're under your SSN you might have to liquidate without an exemption in Ch 7. Check with your attorney to be sure. Also, look over both of CA's exemption options, System 1 & 2.

[url]http://www.thebankruptcysite.com/exemptions/california.htm[/url]

Normally system 2 is better for people who don't own a home since the $15k homestead exemption can be used for any personal property, trust accounts included.

You might want to read from the following site as well:

[url]http://www.moranlaw.net/CAtwists.htm[/url]
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