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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55717
Experience:  29 years of experience practicing law, including tax and estate planning.
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How would we go about putting all our assets in our son's

Customer Question

How would we go about putting all our assets in our son's name now? I am 59 and my husband is 61.We would like to try to protect our assets so if 1 of us got really sick what we have would be protected for the other one to be able to have something to live on without it taking everything for an illness.We have worked hard over the years and have some money in the market as well mutual funds,401's but by no mean rich. Also my husband lost a good paying job last June and we are having to use some now.The only job he has been able to get so far is our local Wal-Mart. He lost so much in his job.Also our health hasn't been good for the last 3 to 4 years but have been fortunate to have insurance.Also another reason we need to put our assets in our one sons name is ***** ***** another son that we don't or I should say can't leave anything to but want to leave his precious twin daughters something in a trust I guess that we would have to figure out somehow.He has a wonderful wife and family but we can't take a chance of him having access to anything we would leave for his family.You would have to know the whole story.This would hopefully be assets left after we were taken care of when we were gone and also my son's name that everything would go in a trust for his 2 sons as well. I really hope you can give me some assistance on thison what to do and how to do this. I have talked to 2 different attorneys with 2 different answers and 1 just didn't seem to make any sense at all to do.
Thank You very much for your time and listening to my situation.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good evening. My name is ***** ***** I look forward to helping you.

The issue for you as I see it is to accomplish asset protection without giving up control over your assets. You can always give them away, but the risk is that then you no longer own them or control them and they can become subject to the whims and creditor of the people to whom you give the assets. So, the best solution to protect the assets and leave control in your hands is a family limited partnership. Carefully drafted, this converts assets that a creditor would find attractive to go after into a limited partnership interest with no control, no rights other than that of an assignment, no transferability, no marketability, and no right to distributions. The transfer is for fair market value…i.e., you are simply exchanging one asset for another of equal value to you. And, you maintain control through a general partnership interest that you control. Yet, when complete it essentially is an asset no one wants and thus the creditor is less likely to pursue the debtor.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 1 year ago.
Richard, with what I went through trying to get this answer was so aggravating and I know it wasn't my credit. I really don't understand any of what you were talking about cause I'm not an attorney nor what to do about the trust.
Thank you
Expert:  Richard replied 1 year ago.

Thanks for following up. I will admit it's a bit complicated, but this is a somewhat complex structure; as a result it's sometimes better discuss in full by phone rather than within the confines of this forum. I do apologize if your process has been aggravating. And, I thank you for your patience. I will be happy to discuss this further and more fully by phone. Just let me know.

Customer: replied 1 year ago.
No, thank you. That is the way it should have started out.I could have understood better maybe. That's why I couldn't give the rating for the first 50.00 I'm so sorry to have wasted your time as well as mine.
Expert:  Richard replied 1 year ago.

No worries. I wish you the best. As I mentioned, these are complex legal structures and are difficult to explain fully within the confines of this forum. Take care!