Joyce is on board! She's actually talking about manipulating her flight schedule in Louisville to do the interview. Stick her on the list with Sa Chen and Roberto Plano who think this thing is cool
( Read more... )
Here's the answer to that question quickly (got to go to Evansville and get myself a suitable black dress for all these concerts!).
Basic question: in Kentucky you are ALWAYS allowed to use the federal exemptions. So far, the only time I would be wary of using them would be where large (more than $1 million) in IRAs are at issue (read: will never happen) and that will only be after the law changes. I can't imagine a world in which you wouldn't want to use them.
Why, oh why do people engage in bankruptcy planning without talking to lawyers? Bankruptcy is so counterintuitive, they only end up screwed. These people really messed up, but we could get them out of it. To start: your basic analysis so far is correct. Now, if people transfer things within a month of coming to see me, I usually tell them to get it back and a trustee probably will not say anything. With a house and a transfer this old, however, they could be screwed. Reasons: first, the trustee will not buy an "oh they just messed up but within a few days they got it back, so there's no harm, no foul" argument; and second, when they gave the property away, they lost their equity, so even if they get it back, they got the equity back after they incurred their debts, and there is a rule somewhere that equity in a house that accumulates after debts are run up may not be exempt.
BUT . . . there is an exception to that rule, for gifts. If the son was to gift them the house back and they exempted it, I think the equity given via gift would be exempt (pretty much all of it under the federal exemptions). Now, the gift rule is one I've only dealt with a couple of times -- you'd want to take a look at it, and before I sort of "signed off" I'd want to as well, but that may get your clients out of this problem
Their only other solution is a 13 in which they pay back at least the 21,000. But that is a solution, too. I think (don't quote me) that solution will still exist under the new law, but I'm making no promises on new law to anyone until September 29 when I go to the UK CLE. And frankly, that's what you have to tell people, too. Even if a statute "looks" like it says something, I'm assuming nothing for sure until judges start ruling on things.
Just talked to my buddy who's an usher at Bass Hall; we're talking about getting together after Kobrin's recital. He's amazed I'm having trouble with Kobrin -- again, these ushers know these folks as well as anyone -- and he urged me to keep trying and to push the Cliburn Foundation. Frankly, I wonder if I unwittingly offended him or if there's an etiquette thing that I am confused on; Russia's a different country, and maybe he feels everything should go through the Foundation or something. Anyway, my usher buddy, Chuck, was also as practical as anyone I've talked to yet (wink!): "He only goes two places in town -- the Grape Escape and the Fox and Hound. We'll go to the Grape Escape, hope he comes in, and I'll tackle him for you!"
Never give up!
More seriously, unless I get an absolute "no" from the Foundation, I'm going to ask either Stanislav Ioudenitch or Roberto Plano to talk to him. I think both will do it, and I think both have a decent chance of succeeding.
Yeah, the 13 was the solution that I thought of. Their income is so tiny, however, that I don't know if they could fund a plan. I was thinking that, given they are WAY below the state median income, they may want to hold out for a year and then file the 7, but I think that they are already under a lot of pressure from their creditors/being sued.
The problem with the "gift" is that their son is a minor.If they pay on a 13 for a while, could they convert to a 7 later, or would the "look back" count from when they first filed?
Ah, well. This can be considered tomorrow. In the mean time, have fun shopping. I would love to be off shopping with you! There are not a lot of pretty black dresses out this year though :/ Let us know what you find!
That's a great plan about Kobrin *g* Your usher friend was a lucky find!
You know, I gave this issue some more thought as I drove over to Evansville, and the more I think about it, your approach of potentially exempting the equity strikes me as possibly having merit . . . let me run it past Frank or my other friend Harry. I tend to be loosy-goosey about some of these areas of law (I figure out "why it doesn't matter" as opposed to knowing the rule all too often), but he always knows them right on point. I'm thinking about rules related to preferential transfers, where you can exempt them. I doubt it would work, but I don't want to completely mark it off the list.
Re: Buy, what great advice --morsefanOctober 27 2005, 17:51:49 UTC
I did a long rant on kirixchi's journal about the perfidies of women's clothing today. I wanted something sort of flowing, and I'd finally decided mini-skirt and way above the knee, which is my normal approach, was not what I wanted now. Plus, it couldn't be "too" fancy, because I wanted to be able to wear it even to less formal venues.
Well, in women's wear these days, I see two choices: the selections for the over sixty crowd and hookerwear. Neither met my needs (wink!). I ended up with something pretty close to what I wanted: lace top tight enough that it looks like it is actually connected to the knee-length flowing skirt below. Most people probably think it's a dress, and a friend of mine from Allegro Circle (a group for Cliburn volunteers and young professionals who attend Cliburn events -- Jose Feghali is the speaker over dinner at the City Club) actually complimented me on it! That never happens!
No pics of Van and I unfortunately. I did have a chance for an autograph, because he stands around the Bass Hall foyer talking to anyone who wants to when he attends the competition. But the best time, when I actually had my program, all the TCU students saw him when I did, and I was just enjoying watching them be so excited that I never bothered. When I was "a kid" -- a 21-year-old Congressional staff member -- I just happened to snag an opportunity to attend a lunch where George Will was speaking about baseball when the Cincinnati Reds were in town (they won the series that year). I got assigned to be Tom Browning's lunch partner -- is that cool or what? Anyway, I wanted to talk to George Will -- just a few words. But these adults (like I am now), kept pushing me away so they could suck up to him. Finally, he pushed them away, and made something of a show of giving me a lot of attention, as well as his autograph, etc. Anyway, I'll always remember that, and I didn't want to be the "bad adult" who muscled in on the kids this time either.
BTW -- are you "in?" This is an open post more by mistake that I've never bothered to fix, but email if you can't access closed posts. You should be able to at this point.
Re: Buy, what great advice --morsefanOctober 27 2005, 21:32:41 UTC
I apologize profusely about my baseball situation; I have totally missed the season. I blame the Cliburn. What it took to be able to go and what it took to survive after I got back was too much to allow me to do much of anything else all summer and fall. I was glad last year I got to see Greg Maddux's 300th win and then I saw (last year?) Greg pitch against Tommy. If I remember, Tommy got his ass kicked, but that wasn't his fault. When I was a little younger, Tommy Glavine was my great hero. I lost some of my interest in baseball when he left the Braves. They promised the fans they would never let him leave. He had always been important to me, but I never realized how much. I do need to follow next season, though. I'm afraid I'll miss his and Greg's "last games," and I would hate myself forever. Glavine in particular was to me everything that was good. I remember watching taped Braves games to prepare for law school exams: ordinary people could do extraordinary things and anything was possible!
Tom Browning was so WONDERFUL!! He is one of my ultimate heros. He didn't have to be nice. Sure, I was 21, long blond hair, probably a pretty good deal from his perspective, but he was married (his wife wasn't there because she delivered during the Series) and I was a bit of a hick, if you know what I mean. Yet he sat there and talked to me like I was an equal. It wasn't even a matter of his answering questions from me; it was a true conversation between two people. He told me a little gossip about George Will -- he did motivational speeches for the Oakland As that season so the Cincinnati folks were a little iffy about him being there, but he is a friend of my boss, who was a Congressman from Cincinnati -- and that his hero was Jim Bunning. "Oh, I worked on his gubernatorial campaign," I said, and he was pretty impressed. We just had some great connections!
Basic question: in Kentucky you are ALWAYS allowed to use the federal exemptions. So far, the only time I would be wary of using them would be where large (more than $1 million) in IRAs are at issue (read: will never happen) and that will only be after the law changes. I can't imagine a world in which you wouldn't want to use them.
Why, oh why do people engage in bankruptcy planning without talking to lawyers? Bankruptcy is so counterintuitive, they only end up screwed. These people really messed up, but we could get them out of it. To start: your basic analysis so far is correct. Now, if people transfer things within a month of coming to see me, I usually tell them to get it back and a trustee probably will not say anything. With a house and a transfer this old, however, they could be screwed. Reasons: first, the trustee will not buy an "oh they just messed up but within a few days they got it back, so there's no harm, no foul" argument; and second, when they gave the property away, they lost their equity, so even if they get it back, they got the equity back after they incurred their debts, and there is a rule somewhere that equity in a house that accumulates after debts are run up may not be exempt.
BUT . . . there is an exception to that rule, for gifts. If the son was to gift them the house back and they exempted it, I think the equity given via gift would be exempt (pretty much all of it under the federal exemptions). Now, the gift rule is one I've only dealt with a couple of times -- you'd want to take a look at it, and before I sort of "signed off" I'd want to as well, but that may get your clients out of this problem
Their only other solution is a 13 in which they pay back at least the 21,000. But that is a solution, too. I think (don't quote me) that solution will still exist under the new law, but I'm making no promises on new law to anyone until September 29 when I go to the UK CLE. And frankly, that's what you have to tell people, too. Even if a statute "looks" like it says something, I'm assuming nothing for sure until judges start ruling on things.
Just talked to my buddy who's an usher at Bass Hall; we're talking about getting together after Kobrin's recital. He's amazed I'm having trouble with Kobrin -- again, these ushers know these folks as well as anyone -- and he urged me to keep trying and to push the Cliburn Foundation. Frankly, I wonder if I unwittingly offended him or if there's an etiquette thing that I am confused on; Russia's a different country, and maybe he feels everything should go through the Foundation or something. Anyway, my usher buddy, Chuck, was also as practical as anyone I've talked to yet (wink!): "He only goes two places in town -- the Grape Escape and the Fox and Hound. We'll go to the Grape Escape, hope he comes in, and I'll tackle him for you!"
Never give up!
More seriously, unless I get an absolute "no" from the Foundation, I'm going to ask either Stanislav Ioudenitch or Roberto Plano to talk to him. I think both will do it, and I think both have a decent chance of succeeding.
Reply
The problem with the "gift" is that their son is a minor.If they pay on a 13 for a while, could they convert to a 7 later, or would the "look back" count from when they first filed?
Ah, well. This can be considered tomorrow. In the mean time, have fun shopping. I would love to be off shopping with you! There are not a lot of pretty black dresses out this year though :/ Let us know what you find!
That's a great plan about Kobrin *g* Your usher friend was a lucky find!
Reply
Reply
BTW, what did you finally pick out for a suitable black dress?
And is there a photo of you in it with VC? (Wouldn't that make a great cover or author shot for the book? (-: )
jy
Reply
Well, in women's wear these days, I see two choices: the selections for the over sixty crowd and hookerwear. Neither met my needs (wink!). I ended up with something pretty close to what I wanted: lace top tight enough that it looks like it is actually connected to the knee-length flowing skirt below. Most people probably think it's a dress, and a friend of mine from Allegro Circle (a group for Cliburn volunteers and young professionals who attend Cliburn events -- Jose Feghali is the speaker over dinner at the City Club) actually complimented me on it! That never happens!
No pics of Van and I unfortunately. I did have a chance for an autograph, because he stands around the Bass Hall foyer talking to anyone who wants to when he attends the competition. But the best time, when I actually had my program, all the TCU students saw him when I did, and I was just enjoying watching them be so excited that I never bothered. When I was "a kid" -- a 21-year-old Congressional staff member -- I just happened to snag an opportunity to attend a lunch where George Will was speaking about baseball when the Cincinnati Reds were in town (they won the series that year). I got assigned to be Tom Browning's lunch partner -- is that cool or what? Anyway, I wanted to talk to George Will -- just a few words. But these adults (like I am now), kept pushing me away so they could suck up to him. Finally, he pushed them away, and made something of a show of giving me a lot of attention, as well as his autograph, etc. Anyway, I'll always remember that, and I didn't want to be the "bad adult" who muscled in on the kids this time either.
BTW -- are you "in?" This is an open post more by mistake that I've never bothered to fix, but email if you can't access closed posts. You should be able to at this point.
Reply
Hmmmm. (-: (wink wink, nudge nudge, thank you very much!) Goes well with
"... mini-skirt and way above the knee, which is my normal approach ..."
Wow.
Sounds like you made a VERY classy final choice, though.
"I got assigned to be Tom Browning's lunch partner -- is that cool or what?"
Majorly. Would love to hear more about that.
BTW, what is wrong with baseball this year? First the Angels wimp out, and now the Astros -- both after playing extremely well?
"BTW -- are you 'in'?"
Yes.
Reply
Tom Browning was so WONDERFUL!! He is one of my ultimate heros. He didn't have to be nice. Sure, I was 21, long blond hair, probably a pretty good deal from his perspective, but he was married (his wife wasn't there because she delivered during the Series) and I was a bit of a hick, if you know what I mean. Yet he sat there and talked to me like I was an equal. It wasn't even a matter of his answering questions from me; it was a true conversation between two people. He told me a little gossip about George Will -- he did motivational speeches for the Oakland As that season so the Cincinnati folks were a little iffy about him being there, but he is a friend of my boss, who was a Congressman from Cincinnati -- and that his hero was Jim Bunning. "Oh, I worked on his gubernatorial campaign," I said, and he was pretty impressed. We just had some great connections!
Reply
I love using this icon for comments like this (LOL!). He would laugh himself silly.
Reply
That's of course a given. But you must also admit, you did offer a small description (wink!).
"I love using this icon for comments like this (LOL!). He would laugh himself silly."
As am I.
I'm answering by e-mail so will log onto the site and see which face you are showing me now. (-:
Reply
Leave a comment