# Transfering Assets to Others.



## Micheal

As some other posters have mentioned they considered, have, or know of someone who has transfered assets (home, bank acct, vehicle, etc) to another to beat probate, hide it from ____, having the asset eaten away due illness/misfortune, etc.........
Sooo, what do you think - a "good" idea or not? 

Personally I think that the cons of what could happen outweigh the benefits that may be gained by transfering assets. But hey that's me..... :cowboy:


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## Chixarecute

Talk to an elder law attorney.


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## Nevada

Lawyers call property transfers before death for the purpose of making your own decisions without probate "inter vivos property transfers" (Latin for "property transfers among the living"). It's perfectly legal and there's lots of information available about it at Google.

For the transfers to be valid all the inter vivos transfer beneficiaries should remain at a distance while the transfers are being drafted & executed. You need to avoid any hint of undue influence. Some states are very hard-nosed about undue influence, particularly Florida. You should select a lawyer or paralegal to draft the deeds yourself (without the help if a beneficiary), have no beneficiaries present when you execute the deeds, and even have someone who is not a beneficiary drive you to see the lawyer.

The law is so strict in Florida that if undue influence is alleged there is a presumption of guilt until proven otherwise. See _In the Estate of Carpenter_.

Estate of Carpenter Florida Probate Undue Influence Case | Florida Probate Blog: Probate, Guardianship & Trust Litigation


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## moeh1

Many financial accounts can be set up to be transfer on death (TOD accounts). These don't go thru probate either.


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## Big Dave

If you put someone elses name on your property and they are sued or file bankruptcy your stuff is claimed on that judgement. Just saying


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## Chixarecute

You can transfer assets to a trust, you being both the owner and the beneficiary. How's that for a loophole? You remain in control of your stuff! See an elder law attorney.


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## Nevada

Big Dave said:


> If you put someone elses name on your property and they are sued or file bankruptcy your stuff is claimed on that judgement. Just saying


That's what irrevocable trusts are for. Property owned on joint tenancy or in a revokable trust can have a lien put on it, but not property held in an irrevocable trust.


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## Nevada

Chixarecute said:


> You can transfer assets to a trust, you being both the owner and the beneficiary. How's that for a loophole? You remain in control of your stuff! See an elder law attorney.


You remain in control of a revokable trust, but not an irrevocable trust. Giving up control of the assets with the irrevocable trust the price you pay for being immune from liens.


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## Wolf mom

Nevada said:


> Lawyers call property transfers before death for the purpose of making your own decisions without probate "inter vivos property transfers" (Latin for "property transfers among the living"). It's perfectly legal and there's lots of information available about it at Google.


Legal, yes, but you also have to consider the length of time between transfer, when the person dies and the IRS. IF they think the transfer was made to avoid any taxes due them - they will rule against you.

Dunno if a Life Estate would be taxable but that could be set up years ahead.


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## pancho

If you decide to do this you need to think about it for a while.
I knew a couple who did it. The person they signed everything over to immediately put them in a rest home and sold all they had.


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## Nevada

pancho said:


> If you decide to do this you need to think about it for a while.
> I knew a couple who did it. The person they signed everything over to immediately put them in a rest home and sold all they had.


I'm involved in a lawsuit right now with my step-siblings, two of whom are lawyers, They talked my father into transferring all of his assets into their names, which involved about $1 million in property. They left my father destitute in his last years, then completely cut his natural children out of inheritance.

The point is that it can turn ugly. Money does strange things to people sometimes. Even in states that have strong undue influence laws, it's not easy for an elder to fight these things. I know from my case, it's not easy for rightful & lawful heirs to fight it either.


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## pancho

Nevada said:


> I'm involved in a lawsuit right now with my step-siblings, two of whom are lawyers, They talked my father into transferring all of his assets into their names, which involved about $1 million in property. They left my father destitute in his last years, then completely cut his natural children out of inheritance.
> 
> The point is that it can turn ugly. Money does strange things to people sometimes. Even in states that have strong undue influence laws, it's not easy for an elder to fight these things. I know from my case, it's not easy for rightful & lawful heirs to fight it either.


The people I posted about were my parents. They signed a power of attorney to their youngest daughter. She had them put in a rest home where my mother died before we could find out where they were. We had to go to court to change the power of attorney but in the meantime their daughter sold their house, all of their furniture, their cars, and emptied their bank accounts.


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## Nevada

pancho said:


> We had to go to court to change the power of attorney but in the meantime their daughter sold their house, all of their furniture, their cars, and emptied their bank accounts.


If the daughter didn't blow it already you have recourse in a lot of states. Among the allegations would be undue influence and breach of fiduciary responsibility for personal enrichment.


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## pancho

Nevada said:


> If the daughter didn't blow it already you have recourse in a lot of states. Among the allegations would be undue influence and breach of fiduciary responsibility for personal enrichment.


We gave it some serious thought. My father was willing to do what the rest of the kids decided. Their daughter was married with 2 kids. We decided not to go that route because of the kids. My father didn't last much longer after that. He just couldn't believe his own daughter charged him $80,000 for a wheel chair.


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## newfieannie

yes money can do some awful things to people or they was bad human beings to begin with. if i believed in it i would think hell should have the hottest place reserved for people who do that stuff to their parents or anybody but especially their parents. there was no problem when my parents passed.my brothers are find upstanding citizens. one was the excecutor. he was not the oldest but a school principal and probably more qualified. my sister stayed in that town and looked after them and she got the house as it should be. the money left over was divided amongst the 7 surviving. there was never a word of dissent.

my husbands father on the other hand. his son, my husbands brother couldn't drag the rings and his watch off his hands fast enough. he left nothing for my husband. his mother hid his fathers gospel music and gave it to him . which is all he wanted anyway. my , was he ever greedy. he only lasted a few more months himself. we were thousands of miles away by that time anyway so whatever ructions there was didn't touch us. ~Georgia


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