Protecting Assets

BigBody79

BigBody79

Well-Known Member
Joined
Mar 30, 2005
Location
Lumberton
Short story.

Mother-in-law got into a fender bender. Girl that she hit is a troopers wife and now works for a large law firm that specializes in suing people for money.

It is looking like she is going to be suing my in-laws. They have quite a bit of land and some money. The suit has not happened yet and it only something that may happen. Is there any ways we can protect their land/home from a judgement?

From what I am reading if we were to put all the assets into mine and my wife's name. (Which should be fairly straight forward because she's an only child.) This would be a fraudulent conveyance and the judge could make us give it back. It's too late for umbrella insurance or putting it into a trust.

One good thing that we may have going on is that me and my wife do not own a home and we are just renters. So, it wouldn't look as bad?

Getting sued/threat of suit sucks.
 
BigBody79 said:
Is there any ways we can protect their land/home from a judgement?
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You hire an attorney. :rolleyes:

On a related note, a buddy of mine just reduced the liability policies on his cars and added an umbrella. Said it worked out about the same in terms of cost, but the coverage is much better.
 
Too late for her (in this instance) but we carry 1 million in general liability....didn't cost much at all, can't remember amount off hand but it was a no-brainer decision
 
Must have been a little more than a "fender bender" if a suit is gonna be filed.
 
1-tonmudder said:
Must have been a little more than a "fender bender" if a suit is gonna be filed.
Click to expand...

Either that or this was a scam set-up.

Might want to check them out. First, if you have their last name and first initial, you can check court dockets here:

http://www1.aoc.state.nc.us/www/calendars/CriminalQuery.html

You can also check here with the same information if they have an arrest record:

http://webapps6.doc.state.nc.us/opi/offendersearch.do?method=view

If they have a real common name like "Smith" or "Jones" you may not have much luck, but if they have an uncommon name, you might have luck.
 
sgtbriangreen said:
"Buy" it from her.
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Be careful though, because that will trigger a tax event for someone.

If you buy it for a cheap deal there is a basis to consider and if you buy it for FMV she is responsibl for taxes on that.
Get with a CPA before you "buy" it...I aint one.
 
Hire a lawyer.

I'm thinking any property transferred within one year of the time of the event may be looked at as suspicious activity in this kind of situation. I have no legal expertise though.
 
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