Immigration Issues/Property

Advertisement


Question
Hi,
I am a F1 visa holder and I am in California studying. Recently a friend of mine has found some financial problems and he wants to transfer 90 percent his home which is worth about $800,000 to my name in order to avoid any risks. He says that afterwards I have to give him a note in the notary office declaring that I am giving hime this 90 percent as a gift and I will not claim this property in the future. Here are my questions:

1-I have no social security number since I have no job on campus; can I own property without SSN?

2-Is it possible that I may face any kind of legal problems in the future; I want to have my OPT in this country; is this issue going to have any problems for me?

3-Other than home taxes,and loan payments which has to be paid by my friend, is this going to make me liable for any financial issues?

4- Will I be liable for this property after I give it as a gift back to my friend?

Thanks a lot for your attention;

Saeed Moussavi

PS:Please keep my name private.

Answer
I didn't read the through the whole thing because I am very busy, but...

THIS IS A TERRIBLE IDEA.  BAD FOR YOUR FRIEND AND BAD FOR YOU.

Worst of all it won't work.

He needs to go to an attorney and have this done properly. This is what I do for a living, and I can help him.  But not if he does things like that.

Immigration Issues

All Answers


Answers by Expert:


Ask Experts

Volunteer


Alexander J. Hay

Expertise

I am a U.S. lawyer with offices in Houston, Texas and in Belize. I can answer questions on U.S. Immigration, U.S. corporate law, and Offshore Tax and Asset Planning.
If you are on an H or L visa I am NOT GOING TO ANSWER your questions since they are usually highly fact oriented, and also you have a company attorney handling the whole thing. Call your own attorney please! If you disregard this request, don't be surprised if I answer with "homework question".

Experience

I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.

Education/Credentials
Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar

©2016 About.com. All rights reserved.