Can someone give away their assets before death to avoid having it taken to pay off their debts?

Question

Say there is a situation in which someone is very likely to die at some point soon and knows it. Say they have a fair amount of assets and also a fair amount of debts (which do not have collateral attached to them). I know that if they die as is then their assets would be used to pay off their debts and what remains would go to their heirs. I'm wondering, could the person give away their assets to their heirs before death such that when the person dies, the lenders would end up getting almost nothing? That way I figure the heirs could get more while the lenders lose out. I'm wondering if this is possible or if there's something that would prevent one from being able to do this.

Answer 1

yeah.
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Answer 2

1. You can give it all to your spouse.
2. You can only give away $11,000 per year to anyone else.
3. You can do a life insurance policy
4. you can do an annuity
5. you can start a trust
6. You can give it to cherity
7. You can take the cash out before you die and put it under the mattress.

If they go into a nursing home, they will look back for 3 years as to where the money went, but in many cases, they won't get turned down by medicaid anyway.

Answer 3

That's OK if they die promptly on schedule. However if they first have to go into a nursing home before they did they are not getting in at the "no-asset" price. Also if they were on welfare the state would attempt to collect from the person holding the gifted-assets. If this person wrote down their plans for getting rid of assets the person they gave it to could end up in jail for fraud (and would lose the assets anyway).

Answer 4

on the exterior I could desire to accept as true with the different responders. pay off the mastercard debt then tear them up. yet surely the right answer must be greater complicated than that. in case you pay off the mastercard debt and then turn around and rack up greater debt on the credit enjoying cards, you haven't any longer something to coach on your issues. regrettably, a lot of human beings fall into that seize. won't have the capacity to help spending the money they don't have. Now in case you place the money right into a Roth IRA account, that money is going to be fairly perplexing to get to interior the destiny and is greater in many situations risk-free from being spent. In different words that's an investment on your destiny. the draw back is which you will nonetheless have that miserably mastercard debt racking up interest at a fee it relatively is plenty greater than you may assume to obtain on any investment you may make on your IRA account.

Answer 5

yes the total is 11 thousand gift without paying tax's,home yes ,but if someone were to go into a nursing home ,it can be reversed, up to three years, to back track the monies.

Answer 6

Yes they can. They can give a one time tax free gift to a family member. Just have them transfer all assets to you or whoever.

Answer 7

Yes, but there are limits as to how much you can transfer to a given individual in one year. These depend on how/whether you're related and your local jurisdiction.

Answer 8

i say have the dying person sell everything for cash and then give the cash away...in cash, not check. and the recipient should keep the cash out of the bank for sometime.

Answer 9

yes