Question about inheritance

[jane taylor]

I guess that even with trying to be careful and plan before filing, I didn't even think about an elderly relative of mine and also my parents passing during our Chapter 13. My husband doesn't care if we don't inherit anything, but I know that my parents don't want to see their earnings go to the Trustee. It is highly unlikely that both my parents will go during the next 4 years, but a real possibility for my elderly relative. My question is this: Should my parents change their will? Or is that hiding assets? The inheritance from the other relative I'm willing to let go as she is probably going to use most of her money for private duty nurses.

I know, I should have planned better.

jane

[FilingOnMyOwn]

Your parents could change the will. Its not hiding assets, because they are not your assets yet, they are your parents. Your parents can do whatever they want.

[debtisbad]

Wow Jane, this is something that I also had thought of. The thought of loosing my parents sends me into such despair that I usually do not even think about it. I am chapter 7 so that is a different situation, but also I have not been dismissed yet. I am hoping someone answers your question. Plus, I am wondering if they can come after me later as my father has a sizeable sum of $$. I could, however, NEVER NEVER tell him I have filed BK.

[keepmine]

In a Chapter 13, you are supposed to report inheritences to the trustee. Ask your lawyer how strict your district is in this regard.
In a Chapter 7, unless you are due an inheritence within 180 days of FILING, it is not part of the bk estate.

http://www.law.cornell.edu/uscode/html/uscode11/usc_sec_11_00000541----000-.html

[dbleblanc]

I am currently waiting a call back from my lawyer to tell him about an estate bank account that I forgot to mention while filling out the paperwork.

Here is my deal: My dad passed in 2003 and the estate was settled a year ago in 2005. BUT there is a savings account that is under my name along with 3 of my siblings. This is a personal loan to people that my dad setup 10 years ago. It had 5 years left on the payout of this loan so my siblings and I all agreed that we would transfer the account to all of our names and just let it ride out to the end which is in 2008. Not any ONE of us have access to this account. It is a shared/joined account.

So my question is what happens to that? What do I do? I don't get statements for this account. My sister that was incharge of the estate gets it. Our estate lawyer let us set it up this way. So that in the end all we had to do is all meet at the bank together, withdraw the money and split it 4 ways.

Now we are trying to close my BK chpt 7 next week. What will happen.

[bkbiker]

[GoingDown]

My parents actually removed me from their will because they didn't want to have even the possibility of any of their money or property getting seized by creditors during or after probate. They said they are looking into setting up a trust for me so that the money cannot be seized by creditors later on down the road. I plan of filing chapter 7 after the lookback period is over (about 4 years from now), and I'm hoping that my parents will live for at least another 20 years or so, they're only in their early 60s, but you just never know what's going to happen.

[alh]

I plan of filing chapter 7 after the lookback period is over (about 4 years from now)

What lookback period are you refering to here?