Legal Question in Wills and Trusts in Massachusetts
Propery Trust
I have been convicted of Rico violations in the past, I would like to tranfer my house into a trust for my wife and children. What form should I be using and what is the filing procedure? Should I simply do a deed transfer?
Asked on 6/23/09, 2:37 pm
1 Answer from Attorneys
Re: Propery Trust
The answer to your question depends on what you are trying to achieve. Such a transfer will not protect you from claims of current creditors if the transfer results in making you uncollectable.
However, if you simply put the deed in your wife's name and the value of the equity of the home is less than $500K then there is probably not much a creditor can do.
The use of a trust might be a benefit for your children, but without more information it is difficult to advise you.
Answered on 6/23/09, 3:14 pm
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