Can I protect assets by transferring them to my kids?

Can I protect assets by transferring them to my kids?

No. Besides the obvious five year look back period, if your children get into financial trouble, the assets become available to their creditors. If your children go through divorce, the assets may become available to their spouses through divorce settlements. If your children have health problems, the assets may be at risk, as well. There may also be significant negative income, capital gain and gift tax consequences in gifting assets.  In any case, by transferring your assets, you are losing control of them. For more information on asset protection options, contact us today.

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