Fort Washington, MD asked in Real Estate Law for Maryland

Q: A family member has sold property and wants all the proceeds to go to me is this legal

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2 Lawyer Answers

David Thomas Wagner

Answered
  • Rockville, MD
  • Licensed in Maryland

A: It is certainly legal although more information is required to determine if that is something your should entertain. Is the family attempting to hide assets from creditors or a spouse? If your family member is just being nice then the funds would likely be considered a gift which could have negative tax implications for the donor. If it is not a gift then it could have negative tax implications for you.

More information is needed to fully answer the question.

This response is intended only as general information and is not intended as nor does it serve as legal advice and no attorney client relationship has been established between the poster and the responding attorney. The poster is advised to retain counsel of their own choosing before undertaking or not undertaking any actions.

Thomas C. Valkenet

Answered
  • Baltimore, MD
  • Licensed in Maryland

A: It is legal if that family member had all rights to sell, and has the free will and capacity to pass the proceeds to you. But that is the first half of the transaction. Now you must determine what the tax benefits/consequences are for both of you, whether there are medicare planning issues for the family member, and a few other things.

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