I have a foreclosure that happened about 2 years ago.
My mom is preparing her will and trying to figure out how to keep the banks from being able to touch my inheritance.
Is there a way that she can do this and have piece of mind knowing that the money cannot be taken by the bank?
2 Answers from Attorneys
First, for any creditor to take money from you without your permission they must have judgment against you. Simply having a foreclosure does not mean the bank obtained and recorded a money judgment. With that said, if your mom is worried about your inheritance being garnished by your creditors, then she should consider putting your inheritance in an irrevocable trust. This can be established now, or following her death. She will need to consult with an experienced estate planning attorney to do this. She should talk to the attorney about her wishes and seek advice that is best for her situation.
Although you had a foreclosure, did they also obtain a deficiency money judgment against you?
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