Cutter v. Seror (In Re Cutter)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
AMENDED OPINION 1
MONTALI, Bankruptcy Judge.
These appeals involve a failed asset protection scheme. We publish to call attention to a fundamental fallacy inherent in that scheme. The cornerstone of the scheme is a self-settled trust that identifies only unnamed “surviving” descendants of the trustor as beneficiaries (whose interests vest only after the trustor’s death), but leaves in the trustor/trustee the power to deplete the trust of all of its assets for his own benefit.
The bankruptcy court correctly determined by partial summary judgment that where the debtor was in effect a beneficiary…
2Cases cited26 opinions
- Anderson v. Liberty Lobby, Inc.Supreme Court of the United States · 1986
- Begier v. Internal Revenue ServiceSupreme Court of the United States · 1990
- Jones-Hamilton Co., a California Corporation v. Beazer Materials & Services, Inc. Kop-Coat, Inc., a Pennsylvania Corporation Koppers Company, Inc.Court of Appeals for the Ninth Circuit · 1992
- In Re De Laurentiis Entertainment Group Inc., a Delaware Corporation, Debtor. Carolco Television Inc. v. National Broadcasting Co.Court of Appeals for the Ninth Circuit · 1992
- Jerome D. And Bernetta O. Hanson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1983
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3Cited by13 opinions
- Segovia v. ShoenmannDistrict Court, N.D. California · 2009
- Bendon v. Reynolds (In Re Reynolds)United States Bankruptcy Appellate Panel for the Ninth Circuit · 2012
- Edward Cutter, II v. David SerorCourt of Appeals for the Ninth Circuit · 2011
- Trauner v. Thadikamalla (In re Thadikamalla)United States Bankruptcy Court, N.D. Georgia · 2012
- In Re ThompsonUnited States Bankruptcy Court, D. Idaho · 2011
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