How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 34352
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
19958803
Type Your Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

I have some money in a credit union not a whole lot couple

Customer Question

I have some money in a credit union not a whole lot couple CDs money market IRS, it is in my wife's name and mine naturally. And then we have a savings account and checking account at home which is also in my name and my wife's name. I also run a business that is incorporated did my wife's name and my name vice president and president. I am thinking if I take my name of the personal account and her name off my credit union account and maybe put my two adult kids on each. In the event of a lawsuit would that prevent someone from taking everything
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

If you were sued personally, then any non-retirement assets that your name is ***** ***** be subject to levy and seizure to pay any judgment against you.

.

If you have an IRA, it is protected under federal law from creditors. The CD's and any bank accounts your name is ***** ***** be subject to the judgment.

.

But yes, if you take your name off other assets prior to any lawsuit being started, then it would serve to protect those assets from being subject to seizure and sale to pay any judgment against you personally.

.

.

thanks

Barrister

Related Estate Law Questions