My boyfriend's grandfather is getting a divorce from his wife. The wife is a housewife and is working with an attorney to recieve half his assets. He doesn't want her to receive his assets. So he is planning to relocate his equity and business under my name. He wants me to use my name for the business where cash flows in and out. Please take into account that I am a currently a college student that receives financial aid and I am dependent with my parents taxes. My parents and I have extremely low income so we apply to low income services, free healthcare services, food stamps, etc.
Will this be beneficial for me and my family or not?
5 Answers from Attorneys
If he resides in California, half of the assets would be hers absent some king of property agreement. Also, transferring assets at this stage would likely not shield the assets since any transfer would appear to avoid debt. Long and short is this could become a large mess and you might not want to be part of it.
This is a bad idea. I could tell you horror stories for hours, with real world examples, about all the problems this creates. Putting assets and money in another person's name to avoid paying debts is not wise.
I agree with Mr. Reid and Mr. Roach. This could lead to all sorts of problems for you down the road. I'm not sure what the upside would be for you. But even if there is one, it would come from helping the grandfather defraud his wife.
From what you have said, it is unlikely this could benefit you or your family. Apart from all the problems being involved in this kind of deception could cause you, you would very likely lose the government and other public benefits you are now receiving. Putting assets in your name makes them yours for purposes of income taxes, financial aid, etc. It may or may not affect other members of your family.
What you are suggesting is not a good idea on so many levels. I would not do this
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