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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Lawyer
Category: Estate Law
Satisfied Customers: 1976
Experience:  Practicing Attorney with 10 years experience
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My brother and my sister and I inherited a piece of property

Customer Question

My brother and my sister and I inherited a piece of property from my mother 6 years ago.
It is in northern California, worth around 300k
My brother would like to sign over his share to me.
Is this possible and what is the downside
Submitted: 7 months ago.
Category: Estate Law
Expert:  Asad Rahman replied 7 months ago.

It is definitely possible. There are tax implications for how you do the transfer. There are potential capitals gains taxes if it is a sale or there could be gift taxes. I would consult with a good accountant to figure out to minimize both of your tax liability but legally, he can transfer his interest to you.

Customer: replied 7 months ago.
I was attempting to modify the question.
My brother is negotiating a 5600 credit card debt and he us concerned that the creditor can attach his share of the property. It was an unsecured credit card. Does he need to be concerned?
This was why he asked me to buy him out at a very small sum per month
Expert:  Asad Rahman replied 7 months ago.

If they were to get a judgement then yes, any personal asset is subject to a lien unfortunately.

Customer: replied 7 months ago.
If the asset was transferred prior to judgement they could not attach, correct?
Expert:  Asad Rahman replied 7 months ago.

Correct. The only caveat is that if there is litigation pending already (case filed) and a judge froze the assets by court order.

Customer: replied 7 months ago.
But...
If they are currently discussing how much to.pay, prior to a court date in September, which could, for a few reasons, be postponed, and no notice of assets freeze has been given, there shouldn't be a problem.
Or can a.judge freeze 'undermined assets with no notification to.the other owners?
In.other words, can.a judge arbitrarily freeze assets held by three owners without notifying the.other.two.owners?
Expert:  Asad Rahman replied 7 months ago.

Yes he can freeze the assets but if there's no order that your brother had received then I assume there probably is not one. I think the transfer should be fine but again do you talk to a CPA or accountant about minimizing tax liability.

Expert:  Asad Rahman replied 7 months ago.

If you have any additional questions just let me know otherwise a positive rating would be greatly appreciated.

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