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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33803
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Judgement and Inheritance.......... My sister lives in

Customer Question

Judgement and Inheritance.......... My sister lives in Tampa, Florida and lost her home in April 2015 to foreclosure. Summary judgement was issued and property was sold at an on line auction for over $100,000 less than what what owed to bank. Being that my sister has zero assets and is on permanent disability, she is not really a great candidate for a creditor to go after ... for now.
Our father is almost 91 years old and and the odds are not great that he will be around in 5 years. He lives in the state of MD and my other sister who is the oldest ( there are 3 siblings) has executor of will honors when the day comes around. The question is: What can my father do to ensure whatever assets he has will not be intercepted by a bank collection agency during/after a future disbursement. My sister did a BK a few years ago and was told she would need to wait almost 3 more years before filing again.Taking pill before headache has always been a motto of mine.
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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If father wants to protect insolvent sister's share of his estate, he can direct in his will that her share be placed into a trust for her benefit and give the trustee the power to only to disburse once the BK is over and her debts are discharged. Since the trust would own the assets in it, then her creditors couldn't come after it.

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thanks

Barrister