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Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38221
Experience:  17 yrs estate law, real estate. Wills/Trusts/Probate
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If you have been summoned and you convert to irrevocable trust

Customer Question

if you have been summoned and you convert to irrevocable trust can it protect my asset?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year 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..If you are saying that you have received a summons and complaint because you are being sued by someone, you can try to convert the trust to irrevocable, but if the creditor becomes aware of this, they can ask the judge to set aside any change as "fraud on a creditor" and the judge will do so. .As a general rule, if litigation is anticipated, any asset transfers within 6 months can be set aside as fraudulent conveyances and an attempt to hide assets from creditors..However, there is a statutory homestead exemption in CA for a person's home that protects from $75K up to $175K in equity, depending on a person's age, marital status, and any disability, from any unsecured creditor like someone who sues you under a personal guarantee...thanksBarrister