Sheltering Money Question
Here's a good one for the group. My father-in-law has about 200K in the bank, but has about 150K in debt that was fraudulently assumed by his previous wife who is now deceased. Mostly credit card debt, etc. That and unfortunately a failing business and no other income.
He is looking for a way to shelter his savings from the sharks and pass as much of it on to his daughter as he can. Any ideas on how to do that either through RE investing or otherwise?
Thanks
Sink it all into a primary residence in FL.
Personal property and land trust. Try louisbrown
put into a trust so he is just the beneficiary
I may be wrong, because I know very little about this subject, but wouldn't making him the beneficiary leave the trust open to attack because the contents of the trust are going to him?
I would think that making his daughter the beneficiary with a trusted individual as trustee would be the safer way to go. The trustee could disburse funds to him as required and he wants the stuff to go to her eventually anyway.
thoughts?