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Message
Can putting assets in your (underage) child's name protect them from lawsuits?
Posted on 7/24/19 at 8:21 am
Posted on 7/24/19 at 8:21 am
One of my co workers is saying her childhood house was in her name when she was growing up to protect their parents from having it lost in a lawsuit. I thought this was something that only happened in movies like Rocky 3 
. Can any of the OT lawyers explain if this is a real thing and how it works? TIA
ETA: maybe it's Rocky V? Doesn't Mickey leave the gym to his kid? Also this particular co workers father who supposedly arranged all of this is a lawyer.
. Can any of the OT lawyers explain if this is a real thing and how it works? TIA ETA: maybe it's Rocky V? Doesn't Mickey leave the gym to his kid? Also this particular co workers father who supposedly arranged all of this is a lawyer.
This post was edited on 7/24/19 at 9:00 am
20
Posted on 7/24/19 at 8:22 am to jlovel7
Just take about 3 seconds to think about it and decide for yourself
Posted on 7/24/19 at 8:22 am to jlovel7
quote:
I thought this was something that only happened in movies like Rocky 3
Nothing like this happened in Rocky 3...
Posted on 7/24/19 at 8:23 am to Displaced
quote:
Nothing like this happened in Rocky 3...
is that the one where Adrian got a boob job?
Posted on 7/24/19 at 8:23 am to jlovel7
This would be obvious and for sure a form of fraud. Not only would they lose the house they could probably face criminal fraud charges...IMHO
Posted on 7/24/19 at 8:24 am to jlovel7
Create a LLC
Posted on 7/24/19 at 8:24 am to Displaced
quote:
Nothing like this happened in Rocky 3...
What movie did Mickey leave the gym in Rocky's kids name to protect it from taxes?
Posted on 7/24/19 at 8:25 am to LATECHgradLSUfan
quote:
This would be obvious and for sure a form of fraud. Not only would they lose the house they could probably face criminal fraud charges...IMHO
I'm not saying it's realistic. In fact my first response is this is bullshite but my co worker is swearing up and down this is what happened. It's not worth it to openly challenge her but of course it's worth a consult with the OT.
Posted on 7/24/19 at 8:26 am to CorkSoaker
quote:
Create a LLC
that's only limited protection, everything(income/loss,) is still flow through, and there is certainly no protection/defense in the case of fraud
Posted on 7/24/19 at 8:27 am to jlovel7
The parents could have created a trust for theirr kids and put the house in it. The co-worker could be simplifying the explanation.
Posted on 7/24/19 at 8:28 am to jlovel7
They should just carry an umbrella policy. A million dollars only costs a couple hundred bucks per year. I've had one for years.
Posted on 7/24/19 at 8:34 am to Raleigh Tiger
quote:
They should just carry an umbrella policy. A million dollars only costs a couple hundred bucks per year. I've had one for years.
This is actually the exact conversation we were having that triggered the one about the house.
Posted on 7/24/19 at 8:35 am to jlovel7
quote:
One of my co workers is saying her childhood house was in her name when she was growing up to protect their parents from having it lost in a lawsuit.
Did she grow up in Clinton, Louisiana, possibly?
Posted on 7/24/19 at 8:37 am to CarrolltonTiger
quote:
The co-worker could be simplifying the explanation.
or have it completely wrong, which would be my guess, parents may intend to leave it to her and maybe trying to dodge some taxes by transferring title and she misunderstood the whole thing
Posted on 7/24/19 at 8:38 am to jlovel7
I thought the best way to protect it was to create an "estate" or trust...
Saw a few of those when I served on the board of an HOA
Saw a few of those when I served on the board of an HOA
Posted on 7/24/19 at 8:39 am to CarrolltonTiger
quote:
The parents could have created a trust for their kids and put the house in it.
I know a few older people who created a trusts, and put their houses in them. Not to protect it from lawsuits. They are doing it to keep nursing homes from taking it. There are financial advisors that specialize in this.
It's something everyone should look into. There are lots of things people should do when they plan their retirement.
Posted on 7/24/19 at 8:41 am to chinese58
quote:
I know a few older people who created a trusts, and put their houses in them. Not to protect it from lawsuits. They are doing it to keep nursing homes from taking it. There are financial advisors that specialize in this.
It's something everyone should look into. There are lots of things people should do when they plan their retirement.
About 5% of people can afford this
Posted on 7/24/19 at 8:43 am to jlovel7
Well that doesn't make sense. Cause anytime they do anything they can't make the decision. But neither can the underage child because they are not of legal age. The parents can't be of legal guardian of the house cause that may be a conflict of interest. So now it has to be in a trust or there has to be an outside guardianship. Then that's also in the child's assets so that goes against the child for college and financial aid. There's so many issues with this.
Posted on 7/24/19 at 8:44 am to jlovel7
You think this wouldn't be transparent to the courts?
Not a lawyer, but this does seem pretty silly. I know for passive income there are laws to prevent hiding income by assigning it to your children. I imagine this is no different.
Not a lawyer, but this does seem pretty silly. I know for passive income there are laws to prevent hiding income by assigning it to your children. I imagine this is no different.
This post was edited on 7/24/19 at 8:46 am
Posted on 7/24/19 at 8:46 am to Mingo Was His NameO
That's not necessarily true! It's not as costly or as much as necessary amount as most people think. You just have to do it early. Because within a certain period of time before a nursery home it can be disallowed and they can still go after it.
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