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Should I get revocable trust or some kind bond or something (don't know much about it) to protect paid off house, because

Sacramento, CA |

Should I get revocable trust or some kind bond or something (don't know much about it) to protect paid off house, because my daughter got in accident on my car?

i need info asap, because accident happened today! an accident happen and someone wished to sue and attach my property, does the trust protect it?

Attorney Answers 3


Too late to do anything now. Each state has laws for what is known as fraudulent conveyance and if a debtor tried to defeat a creditor then the transfer awY can be reversed so that creditors are not defeated......therefore your trust idea is not going to work. Hopefully your insurance coverage is sufficient to cover the claim.

My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained. Please click "helpful" or "best answer" if my answer added any value or add a "comment" if you have more info for me to help you get a better answer.

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A normal living trust will not protect the person who makes the trust from liability, although it can protect the interests of the third-party beneficiaries. While there are strategies that can protect assets from your creditors, they are not effective unless put in place properly and, in any event, BEFORE the event that creates the liability. Hopefully, your insurance will provide enough coverage that the injured party will not be motivated/able to impose liability on you directly.

Only specific legal advice after you retain an attorney can be relied upon. This is only a general comment, and specific legal advice would require a review of relevant documents and facts. No attorney-client relationship is established hereby. Consistent with requirements imposed by the Internal Revenue Service please be advised that, if any advice concerning one or more United States Federal,, state or local tax issues is contained in this communication (including any attachments), such advice was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.

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I agree that a living (revocable) trust done right now will not protect you from a creditor. However, if you are sued I would strongly suggest that you talk to a local attorney for assistance.

DISCLAIMER: The response herein is not legal advice and does not create an attorney/client relationship or any right of confidentiality between you and the responding attorney. These responses are intended only to provide general information about perceived legal issues within the question. Each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer is not a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and who is familiar with your specific facts and all of the circumstances.

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