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RJS LAW - Tax and Estate Planning

RJS LAW: San Diego Tax Attorney | IRS | FTB | CPA | California

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(619) 595-1655
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    • Ronson J. Shamoun, ESQ., LL.M.
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WINNER OF THE UNION TRIBUNE SAN DIEGO'S BEST TAX LAW FIRM

 


9 YEARS

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  • Home
  • About
    • Ronson J. Shamoun, ESQ., LL.M.
    • Chandara Diep, ESQ., LL.M.
    • Devon J. Arabo, ESQ., LL.M.
    • Brian M. Malloy, Esq.
    • Andrea Cisneros Valdez, Esq., LL.M.
    • Sam Imandoust, ESQ., LL.M
    • Lauren Suarez, ESQ., LL.M.
    • John I. Forry, Esq.
    • Martin Schainbaum, ESQ., LL.M.
    • Kaveh Imandoust, JD, MBT, CPA
    • Joseph Cole, ESQ., LL.M.
    • Christopher Engelmann, ESQ., LL.M.
    • Remy Hogan, Esq., LL.M.
    • Steve S. Mattia, Esq.
    • Dod Ghassemkhani, ESQ.
    • Vincent Renda, Esq.
    • Pedro Bernal, Esq.
    • Sabri P. Shamoun 1938-2023
    • Melanie M. Shamoun
    • Renae Arabo
    • Hilary Dargavell
    • Sandie Portilla
    • Lupita C. Torres
    • Jewell Cornejo
    • Kesia Belford
    • Danielle N. Misleh
    • Judith G. Jeremie, JD
    • Rebecca Shuman
    • Michael Lutzky, CPA
    • Gianna Iskander
  • Practices
    • Tax
      • IRS TAX MATTERS
        • IRS Appeals
          • IRS Appeals Process
          • Contesting an IRS Levy
          • Why Retain RJS LAW for IRS Appeals
          • 4 Tips For Navigating The IRS Rapid Appeals Process
        • IRS AUDITS
          • IRS Correspondence Audits
          • What are IRS Field Audits?
          • Initial IRS Compliance Center Audits
          • IRS Office Audits
          • What happens in an IRS Audit?
          • Taxpayer Rights Under IRS Publication 1
          • IRS Warns Taxpayers About Scam
        • NOTICES
          • IRS Notices
          • IRS Letters
          • FTB Notices
          • Avisos en Español
        • IRS Collections
          • Avoiding and Eliminating IRS Tax Liens
          • Collection Due Process Hearing
          • CP 501 – IRS Notice
          • Failure to file a tax return: What happens?
          • How the IRS calculates interest
          • How to get a tax levy released
          • ACS – Automated Collection System
          • IRS Collections Process
          • IRS Interest Abatement
          • IRS Revenue Officers
          • Jeopardy Assessments and Jeopardy Levies
          • National Tax Agencies
          • RJS LAW Approach to Collections
          • IRS Statute of Limitations on Collections
          • Streamlined Installment Agreements
          • Tax Penalty Abatement
          • Taxpayer Assistance Orders TAO
        • IRS Payroll Tax
          • Independent Contractor Reclassification Audits
          • IRS Forms 940 and 941
          • IRS Trust Fund Interviews
          • Payroll Tax Liability Payment Options
          • Trust Fund Recovery Penalties
        • IRS Wealth Squad
        • Offer in Compromise & Tax Settlements
          • OVERVIEW OF OFFER IN COMPROMISE PROCESS
          • The Offer in Compromise Process
          • Appealing an Offer in Compromise to the IRS
          • How does the IRS evaluate an Offer in Compromise
          • Offer in Compromise and Dissipated Assets
          • Offer in Compromise Requirements
          • Pros and Cons of an Offer in Compromise
          • Why Choose RJS LAW?
          • Offer in Compromise Alternatives
          • Actual IRS Offer in Compromise Results
      • STATE TAX MATTERS
        • EDD California Payroll Tax Lawyer
          • EDD Investigations
          • EDD Collections – Liens, Levies, and Garnishments
        • CDTFA – California Sales Tax
          • California Sales Tax Appeals
          • California Sales Tax Audits
          • California Department Of Tax And Fee Administration – CDTFA
        • California State Tax Matters – California Franchise Tax Board | FTB | EDD
          • California Residency Audits
          • Discharging State Income Taxes in Bankruptcy
          • State Tax Practice – Outside of California
      • CRIMINAL TAX ISSUES
        • Criminal Investigation Division
        • IRS Criminal Investigation Division Tactics
        • Criminal Tax Defense – Tax Crimes
        • Currency Transaction Records & Suspicious Activity Reports
        • IRS Methods of Proof: Tax Fraud and Evasion
        • Methods IRS Agents Use to Locate Assets
        • IRS Special Agent Visits
        • Are You a Criminal Investigation Target?
        • Criminal Tax Attorney vs. White Collar Defense
      • CORPORATE TAXES
      • TAX COURT LITIGATION
      • Innocent Spouse Relief
    • International Tax
    • Estate Planning
    • Trust Litigation
    • Trust, Estate & Probate Litigation
    • Trust & Estate Administration
    • Probate
    • Bankruptcy
      • Bankruptcy (FAQ’s)
    • Civil Litigation
    • Criminal Defense
    • Accidents & Injury
    • Corporate & Transactional
    • Private Wealth Services
    • Real Estate Law
      • Landlord Tenant Law
    • Employment Law
  • Tax Institute
    • 10th Annual USD School of Law – RJS LAW Tax Institute
    • 9th Annual USD School of Law – RJS LAW Tax Institute
    • 8th Annual USD School of Law – RJS LAW Tax Controversy Institute – July 28th, 2023
    • 7th Annual USD School of Law – RJS LAW Tax Controversy Institute – July 15th 2022
    • 6th Annual USD School of Law – RJS LAW Tax Controversy Institute
    • 5th Annual USD School of Law – RJS LAW Tax Controversy Institute
    • 4th Annual USD School of Law – RJS LAW Tax Controversy Institute
  • Testimonials
  • Giving
    • Giving
    • RJS LAW Donates Billboard to the Girl Scouts
  • Awards
    • Awards
    • Ronson J. Shamoun at events with various dignitaries
    • SD50 Extraordinary Leadership
    • Media
    • Video Gallery
  • Blog
  • Pay
  • Contact

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Before Filing, Maximize Asset Protection through Exemption Planning with a Bankruptcy Attorney

Exemption Planning with a Bankruptcy Attorney

Exemption Planning with a Bankruptcy Attorney

In most bankruptcy cases, debtor’s assets are NOT liquidated. Such cases are referred to as “no asset” cases because from a creditor’s perspective, none of the debtor’s assets are liquidated for the benefit of creditors. As a bankruptcy attorney, it is a priority to provide debtor clients with strategies which may enable them to maximize asset protection in bankruptcy. This process is known as exemption planning. Essentially, this is done by disclosing to your attorney the value of the assets you own, less any liens, so your attorney can quickly ascertain if any of your assets are unexempt, meaning unprotected, prior to filing your bankruptcy case.  Knowing this information up front may avoid the loss of a would-be unexempt asset or its equivalent value.

Exemption Strategies

Early development of a comprehensive exemption planning strategy may help avoid costly outcomes. If you currently own an asset which would be unexempt from liquidation in a bankruptcy case, there may be legitimate ways to protect your interest in the asset’s value. One way may be to sell and convert the value of the unexempt asset into an exempt asset. Another may be to sell the unexempt asset and spend the proceeds of its sale on your reasonable and necessary living expenses.

The above strategies may take time to properly execute and ultimately affect the optimal timing of filing the bankruptcy. An experienced bankruptcy attorney will discuss and advise of any timing issues and provide recommendations based on your specific financial circumstances. Getting early advice from an experienced bankruptcy lawyer may avoid making critical mistakes resulting on the loss of an asset, the fair market value of the asset, or ability to receive the benefit of a bankruptcy discharge.

Wild Card vs. Homestead Exemptions

Those who have lived continuously in California for the past two years, can opt to use either the 703 Wild Card set of exemptions or the 704 Homestead set of exemptions. If used correctly, these bankruptcy exemptions may protect assets in bankruptcy. The 703 Wild Card set of exemptions may allow protection of at least $30,825 worth of assets (See C.C.P. § 703.140(b)(5)). This Wild Card amount is in addition to other allowable 703 exemptions including a $5,850 vehicle equity exemption, exemptions which protect most furniture and appliances, retirement accounts, and provide an allowance for a certain amount of jewelry and tools of the trade.

If there is equity in your home and you have lived in California continuously for the past two years, you may be able to protect up to $600,000 of home equity (See C.C.P. § 704.730). The amount of homestead exemption may be reduced in certain circumstances, so it is important to have an early and thorough conversation with an experienced bankruptcy attorney to discuss how best to maximize the amount of equity you can protect in your home and other assets (See 11 U.S.C. § 522 (o), (p), and (q)).

Questions

Maximizing asset protection and developing an exemption strategy can be difficult to properly prepare, determine, and implement. RJS LAW and its qualified attorneys are available to assist in understanding and completing the process as well as with determining a succinct filing timetable. Please call RJS LAW for a free consultation and assessment at (619) 595-1655. You may also contact us via the web at www.RJSLawFirm.com. We look forward to hearing from you.

Published by Richard Komisars III, Esq.

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Filed Under: Asset Protection, Bankruptcy, Bankruptcy Attorney, Bankruptcy Laws, Exemption Planning, Filing Bankruptcy Tagged With: Bankruptcy Attorney, Bankruptcy Attorney San Diego, Exemption Planning, Filing Bankruptcy

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