Legal Question in Wills and Trusts in New Jersey
Estate Planning
I am on the deed to our house with my son and daughter-in-law. When I die can my creditors ( credit cards) go after the house. I have no other assets.
2 Answers from Attorneys
Re: Estate Planning
That is a possibility.... here are certain estate planning tools, like trusts, that may be useful here. Why don't you get in touch and we can discuss what would be best in your situation.
Michael A. Berman, Esq.
Re: Estate Planning
I agree with Mike in all respects, but I have not seen the Deed and how the ownership interest is specified, so this answer is incompelte. I do agree that the use of a proper trust form of ownership may protect this asset. This depends on the type of trust, how your interest is handled, and several other issues that should be reviewed by an attorney, like myself, familiar with these matters. If you have any questions or need other information, contact me directly.