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All of my assets are in a living trust. I am being sued.

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All of my assets...
All of my assets are in a living trust. I am being sued. Are my assets protected and what do I put down as far as a discovery.
Submitted: 7 years ago.Category: Business Law
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11/5/2010
Business Lawyer: Richard - Bizlaw, Attorney replied 7 years ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,702
Experience: 30 years of corporate, litigation and international law
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What did the discovery question ask you to disclose about your assets? Did it only mention the assets in your name or was it broader?
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Customer reply replied 7 years ago

They ask for my tax returns, etc. I have understood that everything I have in a Living trust is safe. I guess not only the discovery questions but how safe is my L T as far as a judgement against me. Can they attach to my L T

Business Lawyer: Richard - Bizlaw, Attorney replied 7 years ago

I assume your assets are in a revocable living trust. If that is the case, your assets in a living trust are not safe. They can be obtained by a creditor it just takes a little more time as they have to get what is called a charging order.

 

Unless you have already lost the case what relevance does your financial condition have to the case? Normally that type of information is only available after a judgment is entered.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

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Customer reply replied 7 years ago
t is not a revocable L T it is a Living Trust. Are yousaying that they should not ask for such info about my assets unless I have a judgement put against me?
Business Lawyer: Richard - Bizlaw, Attorney replied 7 years ago

A living trust is normally revocable because you as grantor can put assets in, take assets out or modify the terms o f the trust as you chose. If you cannot make any changes and cannot remove any assets in the trust then it is irrevocable, otherwise it is revocable.

 

You would have to tell me what the lawsuit is about before I can adequately respond on whether you have a basis to object to the discovery demand.

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Customer reply replied 7 years ago
I sold a lot which was mort and made the Buyer very aware that is was mort and would have to have some time to get it released from mort. The property got forclosed and still was in the works to get something sold to pay her but she had to file suit anyway. This is where I am at.
Business Lawyer: Richard - Bizlaw, Attorney replied 7 years ago
Did you represent that you would get the mortgage released so that instead of the lot being sold at a price that was reduced by the amount of the mortgage or was sold subject to the mortgage you were paid the full value of the lot with no reduction to account for the mortgage?
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Customer reply replied 7 years ago
This person sign a disclosure saying she was aware the property had a mort and she was aware of the risk. I fully intended to get the lot released from the mort but that takes a little time. The money was paid on the mort.
Business Lawyer: Richard - Bizlaw, Attorney replied 7 years ago

BAsically, their position is that they need to show that either you had the resources to pay off the mortgage so the property would not be foreclosed or that you lacked the resources and therefore you took the money knowing you could not clear title. In either case they would be entitled to get discovery of your assets as relevant to the case. So their demand in this case is proper.

 

As I said, unless the assets are in an irrevocable trust rather than a standard living trust, the assets in the living trust can be reached by creditors.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

Richard - Bizlaw
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Satisfied Customers: 10,702
Experience: 30 years of corporate, litigation and international law
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