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    #16
    Originally posted by knotholeone View Post
    I have a "what if" Ok your mother in law leaves you a third of what she has and you get the execuitor (mis spelled) to write your grown child a check instead of you (ch 13), they cash it and you put the cash in a safe in your home. can this work?
    This is no different than just plain hiding the money. The IRS also looks at "generation skipping" tax implications, but that's another story.

    What you just wrote is exactly what I'd call fraud. You are purposefully trying to move property such that it is out of the reach of creditors. The Last Will & Testament, or some other Probate action, is what gives "you" the property/money. You having the Executor write "your" check to your minor child, or some sibling, or anyone else... doesn't mean it wasn't your property at one time.

    The only way to protect it, is for it to never be your property in the first place. This can be done by several creative estate planning tools of which I can't give you any advice on.

    Suffice it to say that you can't play the shell game. That will get you in trouble... if you're caught. It's easy to get caught, though. What will you put on your Income Tax Return? What will the Estate (Executor) report to the IRS as payments? Too much trouble.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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