Wednesday, December 14, 2011

Can someone give away their ets before death to avoid having it taken to pay off their debts?

Say there is a situation in which someone is very likely to die at some point soon and knows it. Say they have a fair amount of ets and also a fair amount of debts (which do not have collateral attached to them). I know that if they die as is then their ets would be used to pay off their debts and what remains would go to their heirs. I'm wondering, could the person give away their ets to their heirs before death such that when the person dies, the lenders would end up getting almost nothing? That way I figure the heirs could get more while the lenders lose out. I'm wondering if this is possible or if there's something that would prevent one from being able to do this.

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