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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 25485
Experience:  12+ yrs. of experience including real estate law.
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There is a strong possibility that Ill be sued in the near

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There is a strong possibility that I'll be sued in the near future. I'd like to transfer my apartment (totally paid off) to my mother's name to try and protect this asset. Would that protect me or is it too late?

Thank you for your help!

M
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  P. Simmons replied 6 months ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.


I am very sorry to have to bear bad news.

At this point it is too late. Or most likely so.

If you transfer this asset, and the plaintiff (the person bringing the suit) manages to gain a judgment, if they can convince the judge that the transfer was made with the intent to defraud judgment creditors? The court has the power to void the transfer.

So if you transfer now? And loose the case, and the plaintiff is able to see you transferred title after the incident that led to the suit? They can ask the court to void the transfer.

The other problem? If you transfer, you will incur a gift tax on the amount of the value of the condo in excess of $13K. So, for example, if the value of the condo is $100K and you transfer to her for no cost? Then you will be taxed on a gift of $83K


The better way to approach this may be to claim the homestead exemption. This provision in the CA law allows a home owner to protect a portion of the equity of their home. You can protect up to $75,000 for single people, $100,000 for married couples, and $175,000 for people over 65 or legally disabled.


Please let me know if you have more questions...happy to assist if I can
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 25485
Experience: 12+ yrs. of experience including real estate law.
P. Simmons and 6 other Real Estate Law Specialists are ready to help you
Customer: replied 6 months ago.

Thank you for the quick answer!


 


This was related to an accident my boyfriend was involved in. He is the one that will probably get sued but I think I'm liable too because my name is XXXXX XXXXX insurance of the car. The apartment is under my name only and the car he was driving is under my name too. Do you know if I'm really liable? The police report says my boyfriend was not at fault at all but they might sue him anyway...

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