Can I receive my sister’s half of the death benefits of our grandfather’s annuities to avoid her money from being lost to a bankruptcy filing?

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Can I receive my sister’s half of the death benefits of our grandfather’s annuities to avoid her money from being lost to a bankruptcy filing?

I am setting up an annuity account for these funds to accrue interest in and the financial company has explained that they could put her money in my account as well. What I am curious to know is whether or not this is legal, or if it would in any way protect her share of the money? Also, could I be at risk of losing any portion of my money by complying with this act?

Asked on June 18, 2012 under Bankruptcy Law, Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have your sister's share of your grandfather's annuities placed in a separate accpunt in your name where she has a bankruptcy filing in place, what you may be doing is a bankruptcy crime unless your grandfather's Will or trust states that your sister's share is to be held in trust.

I suggest that you consult further with an attorney who practices in the area if bankruptcy law in addition to Wills and trusts. If what you are writing about is illegal, you could be at risk to charges against you for a bankruptcy crime where assets of a debtor are being hidden to defraud creditors.


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