Protecting assets

[timeshare]

NY - plan to name son as executor because husband presently in dire financial straights (trouble with irs, creditors, etc). If home is left to husband, can his creditors take home from him to satisfy any outstanding debts? Thank you.

 

[ALawyer]

Yes. A creditor generally can take any property of the debtor. IF you name Husband and you die and he still owes the creditors, and the property is not exempt, they can seize it. BUT if you leave it in a trust for his benefit, that could do the job and keep them from getting it. He also could wipe out the creditors with a bankruptcy NOW..