Anyone have good ideas or uses for protecting one's assets against judgement from say a civil suit?? Does having property in your name and your wife's name protect that property from being taken? How about bank accounts? I live in PA where garnishment is only allowed for child support or taxes, thank god!! I was advised by my attorney to add a 3rd party to anything of value that I own or all bank accounts. He said it would be much, much harder if not impossible for a garnsihment or lien to be had for 3 party owned property and assets. I didn't ask him but could I add say my infant child to all of my bank accounts?? Am I legally able to sign my child's name? If anyone has info on this I'm sure I as well as everyone would be intrested to hear it. Thanks! Tac
As you already pointed out, the laws are different for every state. In general, it is illegal in SC to garnish wages. However, I do not believe that having a 3rd party on an asset makes it lien proof. I would think that you would have to take your name OFF the property to protect it. Just my opinion.
To protect her assets my MIL and I have kicked the idea around that I file a lien on her property thus giveing me first rights to her assetts. Would this work & would it be legal?
MIL short for Mother InLaw It's who got there first-I think {Anyone know for sure?} Also you would file the lein for the full value of the property.
The concept of preemptive liens is not new. However, thre are some things to consider. If the debtor's real estate (not homesteaded,or home in a State with no homestead exemptions) is entailed with either a 1st or 2nd mortgage to avoid the effects of a judgment, then all you have accomplished is to delay the inevitable.If you go to refinance or sell, then the $$ amount would have to be paid to the "SIL" lienholder,or the 3rd in line could claim fraud. Plus,you have to show consideration of some kind, acount for the $$ to the IRS and have LOTS of extra legal problems.
There was a book I read called how to be invisble (with a website of the same name) written by a pretty paranoid guy about privacy. He talks about setting up New Mexico LLCs because they require you to list neither the owners nor the shareholders, nor the managers. Literally who ever holds onto the articles of organization IS the owner. I've set a couple of these up myself and they are easy and dirt cheap to do so. I'm amazed at how little information is needed to set up the LLC! The guy also has someone who can set them up for you, but you would save a fair bit of money doing it yourself. Anyways you can put assets into them like your car and it doesn't link back to you. Lol I named one of mine Senator's Campaign Fund LLC just to see if I put a car in it and after cop pulls me over and runs my plates if it 'adjusts' his attitude about how he treats me...We'll see
