Specifically in New York City can an apartment be purchased and put in the name of a minor? Would that protect the real estate from any debts owed by a parent of the child? Would a trust be needed?
This would be a new purchase made by a third party -- not a transfer of an existing property to avoid debts.
There are going to be gift tax issues for you to address if you do place the property in your child's name (assuming it’s your funds and not your child’s that are buying the property). That being said I agree that any purchase of property on behalf of a minor should be in a trust.
The above statements are provided as general information and not intended as legal advice. Each matter has its own set of unique circumstances that cannot be adequately addressed without consultation. You are strongly advised to hire an attorney licensed to practice law in your state to represent you.
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