Legal Question in Credit and Debt Law in New York

Imminent Death, Credit Cards and Assets
Basically if I am dying soon(1-2 months), what happens now if I give away all my assets before I die and empty out my estate by giving things away for free? I have no spouse and my kids have not signed any credit cards under their name. They have signed Parent plus loans which I assume are gonna be pardoned with the death of the single parent. Is it legal to say empty out all my savings and checking and give them to my kids? Or will they be counted as part of my estate? Also I have quite a bit of room on my Credit Card, would I be able to take out a balance transfer and give them to my kids(maintaining minimum payments)? I know they will be hounded by creditors, but will they be legally responsible?

Also when giving away my assets, should I sign something saying that this item was given away for free before my death? or should I just give it?

Asked on 1/06/09, 11:46 am

Michael Markowitz Michael A. Markowitz, PC

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Re: Imminent Death, Credit Cards and Assets

You may gift any asset to any individual. There needs to be no writing since the donative intent and transfer are enough to establish a gift.

Mike.

Answered on 1/06/09, 12:09 pm

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