New Exemption Rules: Schwab V. Reilly
Anyone been reading up on the SC's decision in Schwab v. Reilly?
Basically, if you're not stating you're claiming "100% FMV" on your Schedule C, you could be leaving an opening for the TT to liquidate the property and hand you a check.
From SCOTUSBlog:
See: http://www.scotusblog.com/2010/06/co...mption-claims/
Assuming the TT has closed out the estate it shouldn't be a problem, but some people may want to consider amending their Schedule C's...
Basically, if you're not stating you're claiming "100% FMV" on your Schedule C, you could be leaving an opening for the TT to liquidate the property and hand you a check.
From SCOTUSBlog:
See: http://www.scotusblog.com/2010/06/co...mption-claims/
Assuming the TT has closed out the estate it shouldn't be a problem, but some people may want to consider amending their Schedule C's...