Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
A few days before the attack in Orlando, the terrorist sold his house for a family member for only $10. He apparently knew there would be major financial assertions made against his estate, so he attempted to give away much of his assets. However, this house sale is considered to be a fraudulent transfer.
The terrorist shooting in Orlando has dominated the news lately. Much has been made of the terrorist’s actions prior to the shooting, including apparently selling his home to a family member for $10 just days before his terrorist attack.
Apparently, the terrorist knew that there would be major financial assertions made against him or his estate (if he died) after the shooting. In order to try to protect his assets, such as his house, the terrorist essentially gave away almost all of the value of his house to a family member.
Read more about fraudulent transfers in Lee’s article in the Lima News here: Legal-Ease: Protection against fraudulent transfers
Source: LimaOhio.com, “Legal-Ease: Protection against fraudulent transfers,” by Lee R. Schroeder, June 25, 2016