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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 34315
Experience:  16 years real estate, Realtor. Landlord 26 years
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I need help. I own several properties free and clear. Bottom

Customer Question

I need help. I own several properties free and clear.
Bot***** *****ne is no insurance and a slip and fall on my property.
how can I protect my property?
trust??
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Are you saying someone has already been injured and may try to sue you?

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Or are you just planning in case something like that happened?

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thanks

Barrister

Customer: replied 2 months ago.
Notified by a lawyer that it is coming. I need protection.
trust?? etc
Expert:  Barrister replied 2 months ago.

Ok, I don't like to give bad news, but if you are trying to protect assets by transferring them out of your name, and you have knowledge of an impending lawsuit, then the attorney for the other side will file a motion to have any transfer declared void as a "fraudulent conveyance" in an attempt to defraud a potential creditor.

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An asset would have to be transferred at least 6 months before a lawsuit was filed in order to avoid the appearance that the transfer is to prevent the injured party from being able to recover... If that worked, then every person who was about to be sued would just transfer everything out of their name so the plaintiff couldn't get anything..

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I am not saying you can't try it, but any good attorney will research the property records and see this and then have it thrown out as fraudulent.

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So your better recourse is to hire an attorney to defend and try to settle the case for minimal damages...

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

Customer: replied 2 months ago.
one of my properties is in a land trust. does this help??
Expert:  Barrister replied 2 months ago.

Yes, that would mean it is out of your name and owned by the trust so they couldn't come after it if they sue you personally.

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I mean, you can go ahead and deed them out of your name and into an irrevocable trust (it has to be irrevocable) and hope that the attorney is not very good and doesn't discover it..

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thanks

Barrister

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