Can a person sell property to a relative for $1 to protect the assets from a nursing home?

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Can a person sell property to a relative for $1 to protect the assets from a nursing home?

Asked on October 6, 2012 under Real Estate Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can sell your property to a relative for $1.00 to protect the assets from a debt owed a nursing home. However, under the Uniform Fraudulent Transfer of Assets Act creditors such as the nursing home could potentially try and set aside the transfer as a violation of that act if the debt was already owed before the transfer occurred.

I suggest that you consult with a consumer law attorney about your matter and concerns about existing or future debt.


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