Can a person sell property to a relative for $1 to protect the assets from a nursing home?
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Can a person sell property to a relative for $1 to protect the assets from a nursing home?
Asked on October 6, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You can sell your property to a relative for $1.00 to protect the assets from a debt owed a nursing home. However, under the Uniform Fraudulent Transfer of Assets Act creditors such as the nursing home could potentially try and set aside the transfer as a violation of that act if the debt was already owed before the transfer occurred.
I suggest that you consult with a consumer law attorney about your matter and concerns about existing or future debt.
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