A family member will be receiving an large amount of money soon. Because of past debt that family member wants to sign over the check to me and let me hold the money until their debt issues has been resolved. Will I be penalized in any way... tax wise, law wise, etc
Hmm. Accessory to Fraud. Fraudulent concealment. If family member files bankruptcy, accessory to federal bankruptcy crimes. Those are just starters. You may not want to be involved in your family member's scheme to potentially defraud his/her creditors. Instead, tell your family member to get an attorney's advice immediately. There may be legal ways to protect the money or secure it from creditors without involving you in this manner.
I am licensed only in Texas. Offering information of a general nature in response to a question is not intended to be legal advice in your state.
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