Here’s the situation, wife wants to “hide” and protect money set aside for savings and retirement, etc. from husband with major gambling problem. Will having a savings or brokerage account in her name and a daughter’s name only be sufficient to protect from any “legal” proceedings (eg. Divorce, separation) or does the account need to be placed in a living trust or other estate planning tool? This issue seems to me that the money put away constitutes as “community property” in CA. CA is a community and no-fault divorce state.
2006-08-28 11:54:19 · 6 answers · asked by ntoriano 4 in Business & Finance ➔ Personal Finance
Couple two of these. The one time gift and find an atty. A GOOD one. This person is sick and will destroy anything that is built, was built, will be built. Nobody can save him without first saving themselves as much as possible and everybody has to say NO.
2006-08-28 16:45:27 · answer #1 · answered by smart_sassybroad 2 · 0⤊ 0⤋
NO!!! California is where the folks go when they WANT to divorce and get into the Savings and Estates of their spouses -- Sagings that the spouse had even from BEFORE they ever married the JERKS!!!!!!
Can't advise you here - California takes too much in Divorce and gives to the party that NEVER wanted to work or save or do anything positive in a marriage and yes, it did support my ex's horrendous spending sprees.
2006-08-28 23:46:49 · answer #2 · answered by sglmom 7 · 0⤊ 0⤋
The IRS allows a one time gift of over several thousand dollars. I'm really unclear of the maximum money of transfer but I'm sure it will range anywhere from 20K to 100K. The "gift" is tax free. You can have your mother in-law "give" you all or part of her money and since it's your only you and your husband can touch it. Whatever you want to do from then on is between you and you mother-in-law and possible your husband.
It's a bit of a stretch... far fetch'd if you ask me. It's a possible solution. Do resaearch before you do anything tho.
2006-08-28 19:05:51 · answer #3 · answered by blu_dragon_1004 3 · 0⤊ 0⤋
Open an account in your name only. There should no way for them to find out that she kept a money with other persons name with her name as co-depositor.
2006-08-28 19:00:50 · answer #4 · answered by Sam X9 5 · 0⤊ 0⤋
The best advice i can offer on this issue is to consult a lwayer, if that does not work for you, see another.
2006-08-28 20:02:16 · answer #5 · answered by Kirsten S 1 · 0⤊ 0⤋
Come on...see an attorney.
2006-08-28 19:09:57 · answer #6 · answered by Box815 3 · 0⤊ 0⤋