I filed Chapter 7 bankruptcy but inherited beneficial interest in a trust less than six months later. Can I keep it?
Less than 180 days after my filing , a relative passed on . His will left all assets specifically to a trust , of which I am a beneficiary . ( I didn't know . ) The trust says that upon his passing the Trustee will distribute the appropriate trust shares to beneficiaries free from trust , whereupon the shares will terminate . The trust also says , however , that no beneficiary of the trust estate can dispose of any right , title or interest in the trust until the same has been paid over to them by the trustee . It goes on to specifically say that the intent is to create a spendthrift trust for all beneficiaries . So the trust dissolves upon my relatives death ( again , within 180 days ) but contains a spendthrift clause . What happens to my share ?
