InnoVest Resource Management's Foreclosure Forum

Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Timing is an important element in protecting your assets. Posted by Jason on June 14, 2002 at 8:02 PM In Reply to: Timing is an important element in protecting your assets. posted by Ward-CA- on June 12, 2002 at 9:17 PM : : : If I have been served, and I transferred my properties to a LLC for estate purposes. Can I do this? Would this protect me from the suit? : : Is there a better way? : : Rob : =•=•=•=•=•=•=•=•=•=•= : Rob, the timing of the transfer of your properties out of your name is the element that would make it relatively easy for an adversarial attorney to contest. And it wouldn’t make much difference what the nature of transferee entity was—whether it was a corporation, LLC, limited partnership or a title holding trust. : Sequestering your assets for the purpose of denying your creditor (or soon-to-be creditor) a means of satisfying a lawful judgment against you, won’t be permitted by the court. Such a transfer would be deemed motivated by fraudulent intent and overturned. : Protective measures taken to safeguard your assets from seizure are OK, as long as such steps are taken long before any potential liability has arisen between you and your adversary. : So, if a year ago, you had transferred your properties into some other entity, well before your present troubles even started, then no one could claim that your motivation was intentionally designed to frustrate someone who you were oblivious of at the time. : Hope this helps. Ward; As a followup to your info about timing, if husband & wife hold joint tenancy on house...husband is sued and plaintiff is awarded a judgement, can plaintiff force husband and wife to sell house to satify judgement, or does judgement merely attach itself to assets until husband and wife decided to sell? Jason Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : : If I have been served, and I transferred my properties to a LLC for estate purposes. Can I do this? Would this protect me from the suit? : : : Is there a better way? : : : Rob : : =•=•=•=•=•=•=•=•=•=•= : : Rob, the timing of the transfer of your properties out of your name is the element that would make it relatively easy for an adversarial attorney to contest. And it wouldn’t make much difference what the nature of transferee entity was—whether it was a corporation, LLC, limited partnership or a title holding trust. : : Sequestering your assets for the purpose of denying your creditor (or soon-to-be creditor) a means of satisfying a lawful judgment against you, won’t be permitted by the court. Such a transfer would be deemed motivated by fraudulent intent and overturned. : : Protective measures taken to safeguard your assets from seizure are OK, as long as such steps are taken long before any potential liability has arisen between you and your adversary. : : So, if a year ago, you had transferred your properties into some other entity, well before your present troubles even started, then no one could claim that your motivation was intentionally designed to frustrate someone who you were oblivious of at the time. : : Hope this helps. : Ward; : As a followup to your info about timing, if husband & wife hold joint tenancy on house...husband is sued and plaintiff is awarded a judgement, can plaintiff force husband and wife to sell house to satify judgement, or does judgement merely attach itself to assets until husband and wife decided to sell? : Jason Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455