Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

Our son wants to buy a home in Philadelphia. We are willing

Our son wants to buy...
Our son wants to buy a home in Philadelphia. We are willing to help him by financing it since he can not qualify for a mortgage. He will sign a promissory note to us. However, he has credit card and student loan debt and has fallen behind on his payments. Can either the credit card companies or the student loan lenders put a lien his house (should we go down this road) or go to court to take other action against his house in order to pay his debts. If yes, would it help if he were to transfer the title to his home to an LLC after the closing transaction is complete? The home will be in his name only and it will be his residence. We are not going to be on the title. Thank you.
Show More
Show Less
Ask Your Own Legal Question
Answered in 1 minute by:
10/1/2012
LegalEagle1
LegalEagle1, Attorney
Category: Legal
Satisfied Customers: 795
Experience: Practicing attorney licensed for over 25 years.
Verified

LegalEagle1 :

Hello and welcome to JustAnswer.


I would like to assist you with your question today.

LegalEagle1 :

The most common way that I see people accomplish what you are trying to do is to create a trust and have the house owned by the trust.

Customer:

Is that the complete answer?

LegalEagle1 :

I can provide you with more information if you need it.

Customer:

It costs about $300 to create an LLC. Will transferring the title to an LLC legally accomplish the same objective? I suspect it is much more expensive to create a trust.

LegalEagle1 :

Basically you set up a trust that has terms that restricts what your son can do with the assets, namely pay his creditors.

LegalEagle1 :

Depends who you have create it, but i would expect it to be in that ballpark.

LegalEagle1 :

who is going to own the LLC?

LegalEagle1 :

If your son owns it, then they can still attach and levy against it.

Customer:

Our son. If a trust is set up, would it be in his name? We really don't want any involvement other than helping him to finance it.


 

LegalEagle1 :

Recently in some jusridictions courts have allowed creditors to levy against a single owner LLC

Customer:

So what you are saying is that if the title to the property is in his name, the creditors can go after it whether he holds title or an LLC than he owns holds the title.

LegalEagle1 :

I'm saying that there is a possibility, currently some courts have decided that way, others have not.


 

Customer:

And how would the trust be structured to keep the creditors away from it?


 

LegalEagle1 :

Where if you create a trust, call it the ABC trust and you can serve as the trustee, and make him the successor trustee. He would not own the trust, he would be the beneficiary of the trust.

LegalEagle1 :

He could pay the trust "rent" which would be turned over to you.

Customer:

Ok. Thank you.

LegalEagle1 :

And upon your death he would become trustee. You can restrict what he can use the assets of the trust for. When you have it drafted express to the lawyer what your concerns are and he can best tell you how to address it.


 


 

LegalEagle1
LegalEagle1, Attorney
Category: Legal
Satisfied Customers: 795
Experience: Practicing attorney licensed for over 25 years.
Verified
LegalEagle1 and 87 other Legal Specialists are ready to help you
Ask your own question now
Ask LegalEagle1 Your Own Question
LegalEagle1
LegalEagle1
LegalEagle1, Attorney
Category: Legal
Satisfied Customers: 795
795 Satisfied Customers
Experience: Practicing attorney licensed for over 25 years.

LegalEagle1 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
Does a beneficiary have to have a written budget before
Does a beneficiary have to have a written budget before estate can close … read more
Ray
Ray
Lawyer
Doctoral Degree
30,888 satisfied customers
Have a question about debt collection on car title loan. NC
Have a question about debt collection on car title loan … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,387 satisfied customers
Does a beneficiary of trust request an accounting of the
Does a beneficiary of trust request an accounting of the fund-also request the names of the other beneficieries? … read more
KLAW
KLAW
Juris Doctorate
1,770 satisfied customers
I helped a friend make payments on her car. A title loan. I
I helped a friend make payments on her car. A title loan. I paid over 2500. and paid it off. She was to pay me back after getting a job. She also moved into my home, and helped around the house. Her c… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,871 satisfied customers
Can a trustee legaly tell the beneficiaries tax attorney
Can a trustee legaly tell the beneficiaries tax attorney that the only way they will pay him from the trusts principal.The beneficiary has to agree to make them his client and give up client /attorney… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,323 satisfied customers
My vehicles totatled elpaso tx title loans I was e 2months
My vehicles totatled elpaso tx title loans I was e 2months behind made one payment260.00 i only owe 2 more told them id try to pay the 520.oo balance this month dec med problems was i 60mph head on wi… read more
Damien Bosco
Damien Bosco
3,391 satisfied customers
My car was repoed from a title loan pawn I don't have the
My car was repoed from a title loan pawn I don't have the money to pay in full can I get my car back … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,170 satisfied customers
Wife took a $3000.00 loan secured with cat title. Lending
Wife took a $3000.00 loan secured with cat title. Lending agency told her that payments would be %360.00 monthly. whrnshe paid her first payment, she was told that she had to renew the note. this note… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,545 satisfied customers
I got a title loan in September. I had just paid one off
I got a title loan in September. I had just paid one off with the same people and got another one. I hit hard times and became homeless. I finally got a home through section 8. I receive SSI disabilit… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,387 satisfied customers
Is there a title company in Chicago by the name of
Is there a title company in Chicago by the name of Independence Federal … read more
KLAW
KLAW
Juris Doctorate
1,770 satisfied customers
What qualifies to be a trustee/beneficiary of a trust? I am
what qualifies to be a trustee/beneficiary of a trust? … read more
Ray
Ray
Lawyer
Doctoral Degree
30,888 satisfied customers
If a Will states that the beneficiaries are to receive.
If a Will states that the beneficiaries are to receive … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Who presents the reading of the will to the beneficiaries
Who presents the reading of the will to the beneficiaries and is it done in the presence of all the beneficiaries?… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,358 satisfied customers
When a will has the spouse as a beneficiary with the
when a will has the spouse as a beneficiary with the survivorship period waved and there are other beneficiaries if the spouse dies, do the others need to be listed in filing probate? The wife is surv… read more
Ray
Ray
Lawyer
Doctoral Degree
30,888 satisfied customers
I paid off a title loan and purchased the vehicle the title
hi I paid off a title loan and purchased the vehicle the title co released the lien and gave me the title and then went back and applied for a replacement title that has the lien on it because their c… read more
Van
Van
Retired Criminal Court Judge
Juris Doctorate
79 satisfied customers
I used my pickup for a Title Loan several months ago. Texas
Hello my name is Alfonzo. I used my pickup for a Title Loan several months ago. … read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
I recently purchase property title and loan is in friend
i recently purchase property title and loan is in my name My friend office to pay half of the cost . need a contract and will . I have two sons she has a sister and brother I need advice / legal docum… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,164 satisfied customers
We own a condo together as loan, title(deed) and husband
We own a condo together as loan, title(deed) and husband agrees to quit claim deed in order to transfer me as sole ownership. I'm aware of that when future sale, capital gain tax exemption would be $2… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x