Legal Question in Wills and Trusts in New York
if I sign my house over to my daughter and she has to declare bankruptcy will I lose my house/
Asked on 8/02/12, 4:46 pm
2 Answers from Attorneys
Roman Aminov
Law Offices of Roman Aminov
If you sign your house over to your daughter, it will not be your house at that point and will be subject to your daughter's creditors. A bankruptcy attorney should be consulted as so what may be lost in bankruptcy. Hope this helps.
Answered on 8/02/12, 4:48 pm
Walter LeVine
Walter D. LeVine, Esq.
I agree with Roman that a bankruptcy attorney should be consulted. However, I have not seen the Deed you used to turn the house over, and there might be some protection for you if the Deed was properly drawn initially. A reserved life estate for you, if set forth in the Deed, might protect your interest.
Answered on 8/03/12, 8:10 am