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socrateaser
socrateaser, Lawyer
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I just sold a house and there is a 600K gain. The property

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I just sold a house and there is a 600K gain. The property was set up with a LLC that I own 100% of...I am the sole manager of the LLC. The funds used to buy the house came from an outside party (my father) that I had no formal contract with. No legal document was used in securing the funds to buy a house. In fact, my father told me that he was giving me the funds as a pre-inheritance and I took that money and invested into a house which I just sold. Now he wants me to give him the money back...which I plan on giving him a portion of the proceeds, but not all that he gave me as a pre-inheritance.

Is there any way that he can sue me? Is there a indemnity agreement or document that he could sign before giving him any funds that would protect me against any future liability from him?
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.
Hello,

Absent any document to the contrary, a transfer of property from a parent to a child will be presumed to be a gift. And, under Cal. Civil Code 1146-1148, a gift is irrevocable except in view of impending death. So, unless your father was dying at the time he gave you the money, then I doubt that he could come up with a set of facts that would permit him to successfully sue.

However, as a matter of law, your father could claim that there was an agreement for repayment, and then it would be his burden to prove that agreement. So, the answer is that your father can sue -- but he probably can't win.

Concerning an indemnity agreement, what you're talking about is a "release." That is, something like: "In consideration for the payment of $____, father agrees to irrevocably and fully release son from any liability for any debt owed by son to father, if said debt arose prior to the date of signing of this agreement by father."

There are dozens of free release documents floating around the internet, and some relatively inexpensive documents. That said, I don't think your dad has a case -- but he can sue, so if you think a release would let you sleep at night, then maybe it's a good idea.

Hope this helps.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 34089
Experience: Retired (mostly)
socrateaser and 2 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

If I were to submit a release to him...am I inadvertently stating that there was an agreement between us?


 

Expert:  socrateaser replied 1 year ago.
Statements made during negotiations, which are part of the settlement of a legal dispute, as long as reasonably connected to the legal action, even if not yet filed in court, are inadmissible to prove liability. Cal. Evidence Code 1152(a).

Hope this helps.

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