Legal Question in Wills and Trusts in California
I was recently deeded a vacation condo (fully paid for and owned by my parents) that is in my parents' Living Trust which I am the trustee of.
My father recently gained alot of debt. Now, he may have to file bankruptcy. If he does, is the condo he deeded to me at risk for being taken? Or is it protected since it is in my name?
3 Answers from Attorneys
It is at risk as being what is called a preferential transfer. You need to talk to a bankruptcy lawyer, not a probate lawyer, as there are steps you can take to save the condo.
I agree with Mr. Seidler. I see a problem with a preference. You need to repost in the category for "bankruptcy" to get more specific guidance.
I agree and would add that you have set yourself up for tax consequences and possibly being sued for a fraudulent conveyance if he does not file for bankruptcy and/or the property is not taken back as a voidable transfer.
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