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My house is paid off but my personal debt exceeds its market value. If I die insolvent the house will be sold to pay the debts. Can I avoid that by gifting him the house now?
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While in theory you could gift the house to your son subject to the mortgage, (1) he may not qualify to take over the morrtgage and (2) other creditors may view this as fraud on a crerditor and sue you.
Answered on Jan 22nd, 2021 at 5:06 AM
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