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Deeding property to an adult child?
Posted on 3/4/09 at 11:36 am
Posted on 3/4/09 at 11:36 am
What are the ramifications?
The MIL has more $$ going out than coming in and may have to file bankruptcy.
She is now wanting to deed her property, which is paid for, to her daughter so that if that happens she wouldnt lose the house. What are the ramifications for us (daughter, son in law) if that happens?
Who would be better to talk to, a property lawyer or someone that deasl mainly with estates or bankruptcy? Trying to get an idea of what to expect up front and if its even an idea to consider
The MIL has more $$ going out than coming in and may have to file bankruptcy.
She is now wanting to deed her property, which is paid for, to her daughter so that if that happens she wouldnt lose the house. What are the ramifications for us (daughter, son in law) if that happens?
Who would be better to talk to, a property lawyer or someone that deasl mainly with estates or bankruptcy? Trying to get an idea of what to expect up front and if its even an idea to consider
2
Posted on 3/4/09 at 11:41 am to Chris4x4gill2
quote:
She is now wanting to deed her property, which is paid for, to her daughter so that if that happens she wouldnt lose the house. What are the ramifications for us (daughter, son in law) if that happens?
Who would be better to talk to, a property lawyer or someone that deasl mainly with estates or bankruptcy? Trying to get an idea of what to expect up front and if its even an idea to consider
I would guess bankruptcy...I think there are rules about property transfers within a certain amount of time before bankruptcy. In addition, the daughter may hit with tax on the value of the property (assuming it's over the gift tax exemption amount)
she might be better off calling one of the "I Buy Houses" guys and getting what cash she can for it.
Posted on 3/4/09 at 12:05 pm to Chris4x4gill2
Make sure this is done WELL in advance of her bk - 12 months minimum and 18 to be on the safe side.
She'd be better off finding a way to encumber her property with "friendly" debt thus making it unusable for seizure and sale to satisfy creditors.
Talk to an asset protection group - APCG in Las Vegas would be a great start. You can find them on the web.
BTW, I only advocate this in order to buy time to pay your debts.
I've done it once and paid everyone I owed off - took many years.
I'm doing it again now although I have true debts that encumber my house with not enough equity to satisfy any others.
I made my debts, I pay them.
She'd be better off finding a way to encumber her property with "friendly" debt thus making it unusable for seizure and sale to satisfy creditors.
Talk to an asset protection group - APCG in Las Vegas would be a great start. You can find them on the web.
BTW, I only advocate this in order to buy time to pay your debts.
I've done it once and paid everyone I owed off - took many years.
I'm doing it again now although I have true debts that encumber my house with not enough equity to satisfy any others.
I made my debts, I pay them.
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