Legal Question in Family Law in California
My father has alzheimers, he and his wife sold their boat that they lived on for $70,000 , and are now living with us. we know that the costs of extended care is outrageous, so we are looking for a way to keep their 70K so that the state doesn't attach care costs to it... unfortunately I do not believe that my marriage is going to last through all of this so my question is this. If my parents give me the funds to purchase property outright in my name, is there a way to keep it seperate in the event of a divorce?
3 Answers from Attorneys
California recognizes gifts as separate property. If they give you a gift and designate it as a a gift to you only it is separate property.
To add to the above comment, you need to make sure you don't use any community property funds to pay the mortgage on the property (if any) as the community would then gain an interest in the property.
Keep the funds in a separate account in only your name, and for which your spouse does not have withdrawal rights for. Keep the paperwork to show where all the money came from and where it went.
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