Are the creditors entitled to my wife’s money from her mothers irrevocable trust?
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Are the creditors entitled to my wife’s money from her mothers irrevocable trust?
We live in Iowa. Wife filed bankruptcy in January. Her mother passed away in May. Everything in revocable trust, (now irrevocable trust) and now is to be divided between the 4 childern.
Asked on June 9, 2009 under Bankruptcy Law, Iowa
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/292/
Theoretically, if it is now your wife's asset, it can be used by the trustee.
Further, you should be aware that bankruptcy could affect you, as well.
Consult with an attorney. Try attorneypages.com and check his or her record at the Iowa State Bar.
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