How can I sell/transfer/deed a property to myself or to my fiancé (not married) for just the cost of the mortgage, from the estate I've created for my mother's house? I r s red flags? I Inherited a home that I'm not ready to put in my name due to debts and cleaning up credit issues. Instead, I placed it into an estate and pay the bills through that estate. The mortgage on the home is about half of the home's value, leaving a sizable amount of equity to utilize prudently. I would like to pay off some outstanding debt under 30k (not credit cards), and use a portion of the equity to invest real estate or in a business venture. Ultimately, I want to leave most of the equity in tact. I've worked with loan officers and investor friends but a lawyers expertise is needed.
Don't do this without hiring a lawyer.
It sounds like you are the estate administrator and that you are trying to conceal estate assets from creditors. You do that, and get caught, you are personally responsible as a fiduciary to all the creditors.
In legal circles, this is what is known as a 'bad idea'.
Don't do it. Retain counsel.
As Mr. Denbeaux stated this is a Bad Idea. As the estate administrator it is your job to settle the debts of the estate before handling it. You may be required to sell any real property to satisfy the debts as the creditors come first.
If there are other beneficiaries involved, they can accuse you of self-dealing and come after you personally. Furthermore, the creditors can come after you personally which can place you in more debt.
Speak to an experienced legal counsel before attempting to hide or move assets around. I have seen this happen before where people think it's a great idea and are in more trouble because they never consulted with an attorney first.
If you find my answer as helpful, please click "helpful." If you found this to be the best answer, please click "best answer." This question has been answered based on the facts that have been presented to me. This answer does not form an attorney-client relationship between myself and the questioner. My answer can change if there are more facts that have not been disclosed to me. You cannot rely on an answer from an attorney that has not been retained and should only rely on the opinions of an attorney that has been retained. I offer a one hour free consultation in-person, over the phone, or via Zoom for anyone in the New Jersey area and would be happy to discuss this matter further with you. Best of Luck! David Campanile
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