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Help! Brother Dying..Can His Assets Be Protected form Medical Bills?

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Z

zerk11

Guest
My brother (50) is terminally ill with 3-6 months left from brain tumor...He's had operation and radiation outside his health insurance plan...He has IRA worth 40K and profit sharing worth 40K..Im afraid these forthcoming bills may consume these assets....We have received no bills yet from hospital or Drs.....can we cash these out and impoverish him?..he can no longer work and never will.....this may sound awful, but he wasn't able to make informed decisions because of his health (tumor effects) and was misled by his health insurance plan otherwise this wouldnt be necessary....are these assets protected if he dies because they were set aside for retirement?.....how can we liquidate these assets now?.....he lives in virginia.....thanks
 


L

loku

Guest
Transfer of assets to avoid debts.

Whenever you employ an asset protection technique, you must be careful not to trigger prohibitions against fraudulent transfers. A fraudulent transfer occurs whenever you transfer your property in an effort to stop a legitimate creditor from taking the asset, in order to satisfy a legitimate debt. Further, if you transfer your property away while you know of the existence of a creditor, or have reason to know that a potential creditor exists, such a transfer may be considered fraudulent. The transfer could be undone, and you could be charged with a crime and face fines, restitution orders, probation or incarceration.

However, you said you were mislead by the health insurance company. If that is the case, you may have a claim against them, depending on the facts.
 

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