- Elder & Estate Planning Attorneys, PA. Attorneys and Counselors at Law - https://elderlawyersfl.com -

What does transfer for less than value mean?

[vc_row][vc_column][vc_custom_heading source=”post_title” font_container=”tag:h1|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_video link=”https://www.youtube.com/watch?v=jvEIln5dRT4″][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]A transfer for less than value means you’ve given an asset away and you haven’t received the value of that asset back. For example, you have a $12,000 car and you give it away to your grandson because you don’t need the car anymore. Unless he pays you the $12,000 or provides some kind of services worth $12,000 for you … For example, he refurnishes your kitchen for you. As long as you have proof that the value of his services equal the value of that car, you have not transferred that car for less than value. [/vc_column_text][/vc_column][/vc_row]