Are we able to purchase property and put it in our 13 year old daughter’s name with us as the trustees?

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Are we able to purchase property and put it in our 13 year old daughter’s name with us as the trustees?

We are losing our current home to foreclosure. I had an auto accident a year ago and have not been able to work. My wife also lost her job. I finally received a small settlement of $27,000 and have found property out of state to purchase. To protect my family and our home, I want to put the deed in my daughter’s name. Am I able to do so legally?

Asked on May 20, 2009 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You'll be asked to account for your assets and what you propose to do is to hide assets and would be outright fraud while you likely would be able to achieve your objective legally.

There are often perfectly legal things that people can do to protect all or most of their assets -- even substantial assets -- in bankruptcy.-- what you want to accomplish can be achieved within the law

You would be well advised to go to a lawyer who knows bankruptcy law, get some advice as to what you can do, and then do it legally. Avoid bankruptcy mills that just process filings as what you want to achieve can be done legally and reasonably inexpensively.

 


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