My father in law wants to transfer the house to my husband now due to health issues. My questions is do my husband and I have to get rid of our credit card debt before the transfer can take place. We aren’t purchasing the house it’s just being transferred now.
Your father-in-law should consult with an elder law attorney before making the contemplated property transfer. Also: You should make sure you can manage your credit card debt if your father-in-law is going to transfer his property to you. If you default on your credit card debt, your credit card company could bring suit against you to recover the debt. The property you received from your father-in-law could be attached if your credit card company obtained a judgment against you.
The Beliveau Law Group: Massachusetts | Florida | New Hampshire
The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida, Waltham, Massachusetts, and Salem, New Hampshire.