My dad was convicted and sentenced to 71 months in federal prison last Thursday (Nov 1st). As part of his sentence, the court also entered a money judgment of $2.1 million. He was also ordered to pay $1,318,892.83 in restitution, and a fine of $100,000. We now have to forfeit all assets that my dad has acquired during that time of illegal activity (properties (house, office building) and cars).
The current issue I have now is that my dad is on 3 accounts with my sister that total about 50k. My sister's car is also jointly owned with her and my dad. Are we entitled to these money and asset? Could we safely go and withdrawal and spend the 50k?
Should I obtain legal counsel to represent my sister and I in the forfeiture? Is it worth fighting for the contents of the house, money and cars?
My dad's building is worth about $1million, however $500k of the equity is indebted to someone else. He also has a lot of expensive printing equipment in the office building that could sell for possibly another $300k or more. Our house is worth about $450k. We have 3 cars, 2001 acura, 2008 VW Jetta, and a leased Hyundai. Last question, could I take over a lease from someone that is incarcerated?
Yours is a complicated situation and you do not want to risk compounding a criminal matter by possibly violating a court order and incurring additional liability. Get with an attorney right away before taking any action whatsoever. It is worth purchasing an hour or two of attorney time to make sure that you do not act improperly.
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Yes she can. Owners of jointly held accounts can legally withdraw any money in the account - they are joint owners of the entire. Property held jointly can be used by either joint owner. Further, even if she could not use the bank assets or car - your dad would have standing to sue, not you.
You should find counsel to represent your FATHER during the forfeiture process. If he already has an attorney, he would be the one to watch over the forfeiture. Whether it is "worth it" depends on the dollar amount to attorney fees ratio - and what you can save from the government through legal representation
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Both attorneys offer sound advice. However, this situaiton cries out for retaining your own attorney to see what your sister can do here. A general forum should not be relied upon here with such severe issues at stake. Get counsel immediately before taking any action.
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Estate Planning Attorney
While I agree with the other attorneys answering this question, I would advise you to sit down with a lawyer and review the titling of all the joint assets immediately. Also, I advise you have representation for yourselves and your father in the forfeiture. The decision to "fight" for the contents of the house, money and cars in one that only you and your sister can make but I would prefer you make that decision with legal representation.
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