Posted on: 09th Feb, 2012 03:01 pm
i am 69 yr old woman. my only asset is a lot in calif., which i have un-successfully tried to sell for the last 2 yrs. may i quit-claim it to my daughters to protect it from creditors. i owe bills for the lot prep to sell it(sewer plans, etc.) and i owe irs and AMEX . i depend on and live with my daughters for help. the lot is my only retirement, savings, and
investment asset.
what are the problems with giving ( or selling ) this lot to them??
investment asset.
what are the problems with giving ( or selling ) this lot to them??
Hi margaret,
You can transfer the property to your daughter provided your creditors haven't filed any lawsuit against you regarding that property.
You can transfer the property to your daughter provided your creditors haven't filed any lawsuit against you regarding that property.
Your best option will be to get in touch with a real estate attorney and take his help in deciding whether or not you will be able to transfer your property to your daughters.