How to protect these assets?

[pomelo]

What is the name of your state?FL

My relative transferred a large amount of money to a joint account we are on. Unfortunately, he has passed away. It looks like his estate may try to claw back the money. They will be 100 percent owners of his company. Is there anything I should do to protect the assets? Should I at the very least transfer the money to my personal account?

 

[doucar]

What are you trying to accomplish?

 

[quincy]

What is the name of your state?FL

My relative transferred a large amount of money to a joint account we are on. Unfortunately, he has passed away. It looks like his estate may try to claw back the money. They will be 100 percent owners of his company. Is there anything I should do to protect the assets? Should I at the very least transfer the money to my personal account?

How long ago was the transfer? Is the account an “and” or an “or” account (i.e., Pomelo AND Relative or Pomelo OR Relative)?

What was the purpose of the joint account?

 

[adjusterjack]

What was the purpose of the joint account?

To hide the money is my guess.

 

[quincy]

To hide the money is my guess.

That was what I was thinking. And I am sort of anticipating a “fraudulent transfer” question to follow.

 

[pomelo]

How long ago was the transfer? Is the account an “and” or an “or” account (i.e., Pomelo AND Relative or Pomelo OR Relative)?

What was the purpose of the joint account?

The transfer was around 6 months ago. It was to start a business and other things. The account was an "and" account.

 

[pomelo]

What are you trying to accomplish?

asset protection

 

[pomelo]

One thing that is confusing is why the estate would differ from what my relative would do. If my relative wanted to transfer the money and was 100 percent stock holder in the company, why can the estate come back later and say the transfer wasn't legal. I guess that is what will have to be litigated in the court hearing.

 

[quincy]

One thing that is confusing is why the estate would differ from what my relative would do. If my relative wanted to transfer the money and was 100 percent stock holder in the company, why can the estate come back later and say the transfer wasn't legal. I guess that is what will have to be litigated in the court hearing.

The “and” makes a difference. Use of the money requires authorization from both account holders. It appears that the estate holds interest in the funds in the account. Had the account been an “or” account, either account holder could access and use the funds.

You should speak to an attorney in your area.

 

[adjusterjack]

One thing that is confusing is why the estate would differ from what my relative would do. If my relative wanted to transfer the money and was 100 percent stock holder in the company, why can the estate come back later and say the transfer wasn't legal. I guess that is what will have to be litigated in the court hearing.

They might not be saying that the transfer wasn't legal. What they might mean is that the money belongs to the estate (not you) and has to be probated according to your relative's will.

 

[quincy]

They might not be saying that the transfer wasn't legal. What they might mean is that the money belongs to the estate (not you) and has to be probated according to your relative's will.

The transfer might be called into question depending on the health condition of relative at the time of the transfer ... but it appears likely that the funds in the account are not pomelo’s to do with as he pleases.

 

[zddoodah]

My relative transferred a large amount of money to a joint account we are on.

When did this happen? Why did he do this? How much $$? Was the account created solely for this purpose? If not, why did you and your relative have a joint account?

he has passed away.

When?

It looks like his estate may try to claw back the money.

On what basis? Has the estate been opened with an executor appointed by the court?

They will be 100 percent owners of his company.

Who are "they," and what does "their" ownership of some company have to do with the cash in the bank account?

Should I at the very least transfer the money to my personal account?

I can't think of any good reason to do something like that, but you can consult with a local attorney for advice.

One thing that is confusing is why the estate would differ from what my relative would do. If my relative wanted to transfer the money and was 100 percent stock holder in the company, why can the estate come back later and say the transfer wasn't legal.

I don't really understand what you're saying here, but we obviously have no idea why the executor of the estate is saying or doing whatever he/she is saying/doing (that's why I asked on what basis the estate "may try to claw back the money").

 

[quincy]

When did this happen? Why did he do this? How much $$? Was the account created solely for this purpose? If not, why did you and your relative have a joint account?



When?



On what basis? Has the estate been opened with an executor appointed by the court?



Who are "they," and what does "their" ownership of some company have to do with the cash in the bank account?



I can't think of any good reason to do something like that, but you can consult with a local attorney for advice.



I don't really understand what you're saying here, but we obviously have no idea why the executor of the estate is saying or doing whatever he/she is saying/doing (that's why I asked on what basis the estate "may try to claw back the money").

Pomelo said that the transfer was “around 6 months ago.” It was in anticipation of starting a business together.

You could read the thread.

 

[pomelo]

The “and” makes a difference. Use of the money requires authorization from both account holders. It appears that the estate holds interest in the funds in the account. Had the account been an “or” account, either account holder could access and use the funds.

You should speak to an attorney in your area.

I have always had full access to the account. I guess it would be an "or" type account. I am the only one that can access it at this time. Both of our names are listed on the checks.

 

[pomelo]

They might not be saying that the transfer wasn't legal. What they might mean is that the money belongs to the estate (not you) and has to be probated according to your relative's will.

I believe the account has right of survivorship. I was advised that I could remove my relatives name, but I haven't done so yet.