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re: Can putting assets in your (underage) child's name protect them from lawsuits?
Posted on 7/24/19 at 8:47 am to jlovel7
Posted on 7/24/19 at 8:47 am to jlovel7
Just off the top of my head after reading your post, that seems like straight up fraud. Any attorney with a pulse could probably get some kind of fraud charge to stick.
Unless she was talking about a trust or something. But I doubt you can just do a straight title transfer to a minor and nobody ask any questions.
Unless she was talking about a trust or something. But I doubt you can just do a straight title transfer to a minor and nobody ask any questions.
This post was edited on 7/24/19 at 8:50 am
1
Posted on 7/24/19 at 8:48 am to jlovel7
That was really sad when Lionel Ritchie died in rocky 3
Posted on 7/24/19 at 8:48 am to jlovel7
quote:
I thought this was something that only happened in movies like Rocky 3
Posted on 7/24/19 at 8:50 am to LSUtiger89
quote:
That's not necessarily true! It's not as costly or as much as necessary amount as most people think
It has to be an irrevocable trust and most people don't have enough other assets for them to be able to do this and still have enough for their own retirement
Posted on 7/24/19 at 8:50 am to el Gaucho
Was that when Old Yeller got shot?
Posted on 7/24/19 at 8:54 am to jlovel7
My in-laws built a trust for their home/estate that would be left to their 2 daughters and husbands.
And guess who they made power of attorney over that trust?
Me
And guess who they made power of attorney over that trust?
Me
Posted on 7/24/19 at 9:07 am to TheCaterpillar
quote:
And guess who they made power of attorney over that trust?
never a good idea to make someone that's a beneficiary to anything the power of attorney, in fact, imo, you're too close to the situation, I'd have gone third party, hope your wife and her sister are civil and close, because you're going to be right in the middle of the shite, baw
Posted on 7/24/19 at 9:15 am to Tigeralum2008
Revocable trusts provide zero asset protection.
Posted on 7/24/19 at 9:17 am to IAmNERD
quote:
Just off the top of my head after reading your post, that seems like straight up fraud. Any attorney with a pulse could probably get some kind of fraud charge to stick.
Some version of the Uniform Fraudulent Transfer Act has been adopted in all but like 5 states.
Posted on 7/24/19 at 9:18 am to LSUtiger89
I believe the look back period is 5 years. If there is a spouse living in the house, I believe it can't be touched. But if the second spouse goes into a nursing home or dies, the house is counted as an asset.
Posted on 7/24/19 at 9:21 am to jlovel7
The amount of ignorance and misinformation in this thread is the reason why so many people get talked into some really stupid decisions. If you have concerns, go talk to an attorney that handles these type issues. Go to one you contact, not someone seeking out clients to sell a product.
Posted on 7/24/19 at 9:22 am to jlovel7
I have family that have their business in their children's names and they hold control until death. It was mainly done to prevent having to pay taxes twice.
We also had to transfer my MIL's home into her kid's name to prevent insurance from liquidating it when she had cancer and entered hospice.
We also had to transfer my MIL's home into her kid's name to prevent insurance from liquidating it when she had cancer and entered hospice.
Posted on 7/24/19 at 9:25 am to BruslyTiger
That sounds like fraud, but if you got away with it, more power to you.
Posted on 7/24/19 at 9:28 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
Not if the house is in a Trust.
Posted on 7/24/19 at 9:35 am to Tigeralum2008
quote:
I thought the best way to protect it was to create an "estate" or trust...
The best way to protect an asset is to encumber it.
/thread
Posted on 7/24/19 at 9:47 am to Tigeralum2008
quote:My parents created 2, one for each of themselves, with my sister and I as the secondary beneficiary/trustees behind the surviving spouse.
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
So when Dad died last year it was only a problem for some low end peons to comprehend immediate transfer to Mom without probate, estate court,... nothing but his trust declaration and death certificate required.
Mom's new house we moved into the 11th of this month is in her trust name. Should have done her name 1st though for homestead exemption, then transferred title to the trust. Local clerk of court says cannot exempt if in trust name only. We'll check with the small town court our other house is tax assessed through, a much slower paced, more willing to help, court.
ETA: AR DMV even let Mom keep Dad's US Army vet tag at $2.50/year on their SUV.
This post was edited on 7/24/19 at 9:49 am
Posted on 7/24/19 at 9:51 am to jlovel7
Would this disqualify your friend of homestead exemption if she wanted to buy a home later down the road?
Posted on 7/24/19 at 10:05 am to Mingo Was His NameO
Depending on your children, this can be an extremely bad idea. Recently, I've read about this destroying some families (i.e., kids suing parents).
Posted on 7/24/19 at 10:22 am to jlovel7
"Got Everything in my Ma'am Name"!
Posted on 7/24/19 at 1:16 pm to jlovel7
If there's one thing I know about Rocky, its that he didn't make the best financial decisions. Didn't Paulie lose everything he had?
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