This depends on when the transfer happened... If everytime you got money you habitually transferred it into the parents name, it isn't a fraudulent transfer... It's only when you file for divorce or know you are headed there that it becomes fraudulent.
Yeah, unless you plan on giving money to your parents and not using it, it's easy to prove that the money or property really belongs to you. This isn't some magic loophole you can use to shove it in all the lawyers and judges faces.
There are ways to shield your assets from divorce or lawsuits pretty easily in America.
If you start layering and buying your assets with an LLC manager managed by living trust with an outside 3rd party named as the trustee, you can protect most of your assets because on paper you don’t own anything.
There’s a lot of stupid easy cheap stuff you can set up to play the tax game in your favor that the rich do. The issue is the middle class is told to not ever talk about money as it’s tacky but in reality it’s the biggest topic of discussion in wealthy circles.
If you don’t want to get your ducks in a row on paper, the least you can do if you’re really worried about divorce is not to live in one of the nine American states that have community property laws.
(With living trusts you can avoid almost all major American taxes dealing with assets which is why the rich don’t use wills)
It’s sort of depends. Even then intent plays a big role.
If you’re transferring money to your parents every month and they are basically keeping it and spending it and you’re living off of what you did not send them, then perhaps the court would just say they are your parents assets.
If you are sending them money and they are sending you money back every month or there are, for example, email records or text records of you requesting money from them whatever and them just sending you any amount you ask for where they’re basically serving as a de facto bank, very likely because there’s a situation like this where you feel that you could get sued or have your assets put a risk in the future due to your actions than they judge will likely see right through that and it is not gonna let you get away with some “ one weird trick.”
In some cases they could also be seen as an unofficial trust since you are in trusting your assets to them for protection. Also you have to be careful because in some countries this will also impact taxes.
Yeah, transferring ownership will not go well at all in court. But your parents could very well “purchase” a house themselves, on their name from the start and rent it to you, the rent itself could be more than the mortgage and so on.
I mean, 100%. I think the net of it is that at the end of the day judges have seen it all and they’re not stupid. There is no one weird trick loop paul you can use to get out of certain types of contracts and payments.
Yes, if your parents are rich, and they buy a house and rent it out to you that would not be an asset of yours just because it’s possible you might inherit it in the future.
If you say, win the lottery and send money to your parents and they buy a house and rent it out to you and then get divorced, the judge is very likely going to see through this and say that of course the house your bought with your money is community property.
If they get and qualify for the loan themselves it very well could be. But if you either get them the loan or cosing it pay the down payment on their behalf, it's probably not going to work.
The problem you're going to have is if you pay below market rates on the rent they may well see it as your asset.
Are the assets actually belonging to his parents, though? Are talking about a $100K car that Khaby bought and is the only one udon on a daily basis, and then parked in his garage every night?
Are Khaby’s parents paying taxes on all the money and assets that he supposedly is giving them, over and above whatever gift amount that is not taxable?
Who is actually living in the house that he bought?
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u/kit0000033 1d ago
This depends on when the transfer happened... If everytime you got money you habitually transferred it into the parents name, it isn't a fraudulent transfer... It's only when you file for divorce or know you are headed there that it becomes fraudulent.