Legal Question in Wills and Trusts in California
can I give my cash assets to my heirs before I die and not have them responsible for the debt of my upside down home loan on my house when I die. The house and cash are in a revokable trust.
Asked on 7/22/11, 11:07 pm
1 Answer from Attorneys
No. That is called a fraudulent transfer and will cause a world of problems for your heirs. On top of that, it would make you liable for gift taxes on the money that would then later be seized by the courts due to the fraudulent transfer.
Answered on 7/26/11, 1:06 pm
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