Legal Question in Real Estate Law in New York
wanted to know if putting the deed of my house in care of my children can protect the house from IRS taking it from us due to tax money owed.
Asked on 2/10/11, 2:16 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Generally, the answer would be no.
The transfer would be deemed a "fraudulent transfer" under New York State Debtor Creditor law. A fraudulent transfer means a transfer without sufficient consideration. Consideration means money, promise or detriment to an individual. So by way of example, if you sold your house to a third person for fair market value, the IRS would not be able to void the sale.
Mike.
Answered on 2/11/11, 5:40 am
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