What to do if my father deeded his primary residence to me 10 days before he passed away but he had several medical debts due after death?
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What to do if my father deeded his primary residence to me 10 days before he passed away but he had several medical debts due after death?
The only other asset he had was a checking account with a small balance.
Asked on June 19, 2014 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss. Please go and see a tax professional and an attorney in your area. More than the issue of trying to transfer an asset to avoid creditors I am worried about the tax ramifications of the transfer with out the filing of a gift tax form. Transfers can be set aside in certain circumstances but you should be prepared for all the ramifications here. Good luck.
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