Legal Question in Bankruptcy in Illinois

How should my mother set up her small inheritance to me so that if my husband looses his job and we are forced to declare bankruptcy, this money won't be confiscated?


Asked on 9/24/10, 10:36 am

1 Answer from Attorneys
Caroline Palmer Law firm of Caroline Palmer

If you declare bankruptcy before your mother is deceased then any potential inheritance from her will not be affected if you have to file for bankruptcy. If the inheritance is large enough, creating a trust may be an option. You'll need sufficient assets in the account to pay for the management of the trust. If you declare Chapter 7 bankruptcy after your mother is deceased and the inheritance placed in a trust account, your creditors will only be able to reach the income from the trust.

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Answered on 9/29/10, 10:46 am


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