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Risk of Transferring Assets to Children

The Koldin Law Center, P.C. is pleased to announce that a new “Blog” section has been added to our website at www.koldin.com.

This edition of the Koldin Report E-Newsletter reviews a recent Court case in Virginia that shows the risks of transferring assets to your children.

In 2002, a woman in Virginia transferred a portion of her life savings to her daughter for the specific purpose of protecting her assets in case she ever needed nursing home care. The daughter later filed for bankruptcy. The Bankruptcy Trustee demanded that the daughter turn over all her assets to pay off her creditors. The daughter argued that she should not have to turn over the funds she received from her mother because she was really just holding the funds for the benefit of her mother.

In a 2013 Decision, the U.S. Bankruptcy Court for the Eastern District of Virginia, in the case titled, In re Woodworth, ruled that the daughter clearly had complete ownership of the funds. According to the court, the mother could not have it both ways that she gave up ownership for purposes of Medicaid eligibility, but at the same time still owned it against her daughter’s creditors.

The Court held that the daughter must turn over all assets, including her mother’s life savings, to the Bankruptcy Trustee to pay the daughter’s creditors.

This case shows the risks of transferring assets to your children. A much better way to protect your assets is by transferring it to a specially designed irrevocable family trust. With a trust, you can protect your life savings without subjecting it to the problems of your children.

At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy. We do not charge a fee for the initial consultation.  We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.

There is something you can do.


Our Attorneys are available to speak to your organization

Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.


We appreciate your referrals

We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.

We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.

We all share the responsibility for making our family and friends aware of the planning options available to them.

Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.

Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.

THERE IS NO FEE FOR THE INITIAL CONSULTATION

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