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you sold your home,in escrow, someone that is suing you and wants to take away your assets can you protect $$?
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3 Responses to you sold your home,in escrow, someone that is suing you and wants to take away your assets can you protect $$?
Take cash till the whole thing blows over. Hide it and tell no one. Tell them that the cash is gone, if they ask. Maybe you could ‘gift’ a house to someone you know for free rent…best to talk to a lawyer before you try anything tricky, though.
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Yes, unless the litigants can prove that,that is why they did it. Their new house will also have to be in your name for at least two years. Also, you will have to pay capital gain taxes on the money you receive from the original sale of their “old” home.
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Your question is not clear as to whether the house was put up for sale before or after the lawsuit was filed.
It all really depends on when your grandparents knew about the potential lawsuit or claim. If they knew about the lawsuit or claim before they put the house up and/or sold the house, you’re looking at a “fraudulent transfer” which is prohibited by law. A fraudulent transfer is when you transfer property for the purpose of avoiding creditors and judgments. If the person suing can establish that your grandparents had prior knowledge of the lawsuit or claim before the transfer, the Courts can undo the transfer under the Uniform Fraudulent Transfer Act.
I’d be careful and find an attorney if I were you. Hope this helps.
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