[nagger15]

Hi, I need help. I'm a disabled lady who is bed fast from illness, mostly heart and lung problems, I've been ill since 2005, I became hospitalized in April of 2007 and have been in and out of hospitals and nursing homes for most all of 2 years, I am at home now but have nurses come into my home and take care of me, I have a mentally and physically disabled son who is 22 years old who lives with me, I had a lot of credit cards and paying on them until I got sick, I rsceive only social security and only get $687 a month. About 6 months ago I sold my real property to my son for $10, he goesn't drive and we don't know how to transfer real estate. I have a summons to appear to for a warrant of debt from bbandt for credit card debts. Please help me, we can't lose our home, I would love to pay these but the utility companies take my whole check and there's nothing left. All I have is a handwritten receipt and it is signed by a witness,

[ScottGem]

First, if the deed was not properly executed and registered with the county then the sale is not valid.

However, in most states your primary residence is usually safe from unsecured debt.

On the other hand, transferring assets to secure it from debt is considered fraud. So it may be better that the sale WASN'T registered.

What I suggest is you contact someone from a local senior center about getting some legal advice. You need to check the homestead laws of your state to see how much your home is proctected and the legality of the transfer.

[Fr_Chuck]

Yes, a lot of issues, first if you "sold" it to him for 10 dollars he will owe 1000's in gift taxes for that.

Also if you were in a nursing home they can take a primary home for money owed them.

Next you don't just "sell", you write up a deed and register it, if this was not done, there was no sale at all.

[ScottGem]

Actually YOU would be the one to owe gift taxes. But, its certainly possible the nursing home could take the house. Even if you did "sell" it to your son.