I'm curious is it technically legal to transfer everything I own into my family corporation or a trust? It seems like it should be legal but that's what a friend of mine's father recommended I do. He said I should do it to protect assets from taxes or estate taxes when I pass but also said that it would help protect my family & I from lawsuits in general. Either way it seems illegal but just thought I'd ask. I'm bored LOL.
2007-03-03 15:20:32 · 3 answers · asked by bpeter3196 5 in Politics & Government ➔ Law & Ethics
Yes it is legal, but get the paper work done right for it to work.
2007-03-03 15:24:33 · answer #1 · answered by viablerenewables 7 · 0⤊ 0⤋
As you get older - it's common to start transferring property to other people.
I have 2 sons: As I get older, I will be transferring my house into their names. Of course, you have to have good kids!! Currently their not married - so it's even cleaner!! I plan on paying enough rent to them to cover my taxes. That way - any long-term care won't be able to put a lean on it (you have to do it at least 7 years in advance though). It's a risk either way - but I'll be damned if all of my hard work is going to the government.!!!!
I'm sure that people with a lot of $$ find lots of ways to cover their ***!!! Would be smart to get a good lawyer to help you. I do know this....... If you need long-term care, they will put a lean on your home. This country really has something to be desired - when it comes to 'common sense' things. You also can start divesting your $$ by giving your kids up to $12,500 per year - tax free. Just another way to liquidate some savings.
Of course, then "it's theirs".
2007-03-03 15:34:15 · answer #2 · answered by longhats 5 · 0⤊ 0⤋
Nothing is illegal. You can truster whatever you own to a trust if you desire.
El
2007-03-03 15:24:44 · answer #3 · answered by El_Nimo 3 · 0⤊ 0⤋