Can U.S. Government Be Sued For Receipt of Fraudulent Transfer?

Here’s is an interesting case where a bankruptcy trustee sued the U.S. government for their receipt of a fraudulent transfer. Within two years of filing bankruptcy a company, taxable as an S-Corp, paid the IRS money to satisfy their owners’ tax liability attributable to company income. The bankruptcy trustee argued that these tax liability payments were fraudulent transfers, and he sued to U.S. government to recover the money received by the IRS. Continue reading

Self-Directed IRA Owns Real Estate Outside Florida

Although most people’s IRAs consist of cash and marketable securities housed at a financial institution people may own real estate in an IRA that is “self-directed.” There are financial companies that set up and administer for a fee self-directed IRAs which allow the owner to buy a wide variety of assets including real estate, currencies, precious metals and commodities. Continue reading

Disclaimer of Tenants by Entireties on Boat Title

Much has been written about technical procedures for setting up a tenants by entireties account. One of the rules, expressed in several prior court decisions, is that any joint account owned by husband and wife is presumed to be an entireties accounts even if the account title does not state “tenants by entireties” provided however that the debtor did not disclaim or refuse the entireties presumption. Continue reading