Dumb but important questions

[catwhisperer]

OK - meeting with the lawyer tomorrow. Looks like it will cost us $1000 but will be worth it.

I am in PA and the exemptions are $300 compared with $9,000+ for personal exemptions.
Am I the one to choose federal over state?

When taking the inventory, do I put down my cats? - If I put priceless will they see no humor?
I have been reading that I just need to group stuff but is that the wisest thing to do. I know I don't have to go to detail like 6 forks, 6 spoons, but how detailed should I get for my inventory?

[Minnymouth]

List furniture together give it all a price.....
All household items like sheets, dishes, pot, pans, curtain, etc all list together and give it one price.....

Stuff like computers, and TV's, and large cd collections, guns, I listed separate....
Antiques and collectables should be listed separately and valued.

Pets are an asset - only if you are a breeder........ but still list your pet anyways to be able to cover the expense for feeding a pet.....

After pet - put "priceless" if you like - me I would put "no charge - pays with love"!!

Now if you own a AKC registered "top" showdog - yes the Trustee will be interested in it's "value"............... and value of stud service or breeding.

Don't get into listing each and every item you own......... you never will get done...... just put them into groups like furniture, patio/yard stuff, appliances, etc

Your attorney will adust the values as needed.

[SinkingFast]

If PA allows the choice between State and Federal, you get to choose which one you use.

But choosing Federal comes with strings. Our State doesn't allow the choice so the attny said we only had to think of the common areas of our home for the furniture and household items. The kids' rooms and things are the kids' rooms and things. Federal, everything has to be considered. Every room, all your kids' toys and clothes and furniture. So there's one difference.

Also, Federal allows specifically for "one computer and associated equipment, one TV, one VCR, and one radio" so if you have more than one of any of that, you cannot exempt it in household goods.

Don't break out and list anything more than you absolutely have to on the Schedules.

Schedule B, Item 4 is "Household goods and furnishings, including audio, video, and computer equipment". You can simply put "Household goods and furnishings" for your description there and note a $$ value. The more detail you give, the more opportunity for the Trustee to nitpick you.

Item 5 is for books, CD's, collectibles and such. You'll have to declare any of that stuff there.

Item 8 is for firearms, photographic, and hobby equipment. You'll have to declare that stuff there.

Automobiles come later. And Item 31 is where you declare animals. That's mainly for people with livestock, show animals, or breeders, but attnys are listing pets there as well. Priceless, although cute and quite understandable, is not the value you want to list on pets. If they aren't pedigreed and you aren't breeding your pets then enter $0.00 as the value.

More than likely your attny or his/her paralegal will run thru a quick discussion with you about what you own at home. Ours did. Since nothing unusual came up in conversation, the paralegal just wrote down the blanket statement. Kinda hard to come up with more than that when your newest furniture items are 8 years old. We don't own any fancy china or crystal. Nothing expensive at all. Anything we had of value was sold to keep us afloat as long as possible.

[aa06a47]

My cats were put on my schedule (as SF stated so I could claim the feed / care expenses). The attorney put value of "0" down for them. That is the value I would get for them in a yard sale....maybe $0.25 if I find a sucker kid!! LOL!!!!

[annikasaunt]

My cat is 18 years old and you bet that I put priceless on my petition! Not kidding...my atty agreed! Not a word was said about it!!!

[catwhisperer]

My cat is 18 years old and you bet that I put priceless on my petition! Not kidding...my atty agreed! Not a word was said about it!!!

I think I will! My one is 14 and the other is 2 - their not liking each other is priceless in itself. The little girl beats up on the 14 year old.

Just finished my inventory - HOW DEPRESSING! We are filing joint and we don't even hit 1/2 of the federal exemption for one of us. I think they will just say take your cats and go home and start anew!

[aa06a47]

Just my personal opinion, but not sure if I would put priceless. I'm sure it depends on the trustee, judge, and whoeever else looks over the papers. My attorney said the trustee I have is a grouchie old man (I believe was her exact words). You don't want to risk having to amend the schedule. I do understand the emotional value of our pets. It is as you put it priceless.