Legal Question in Banking Law in California
Is there any ramification or anything wrong with a senior transferring her savings to her nephew's name ?
Asked on 9/30/11, 2:42 pm
1 Answer from Attorneys
Depends on why, how she does it, whether or not it leaves her broke and unable to pay her debts, and how much is involved. There are a LOT of bad consequences of giving money or property away to family while you are still alive. The tax people LOVE transfers of assets, as they almost always trigger taxes, sometimes big taxes. Doing it without consulting an estate planning lawyer is a really good way to make a big mess that will cost WAY more than the attorney would have.
Answered on 9/30/11, 10:49 pm
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