Asset Protection Legal Questions

More information is needed. Who impounded or towed the car?  Is there a fine to pay in order to get the vehicle?    In general, the quicker that you pay, the less that you may have to pay. At a certain point, your car may be sold or scrapped for metal.  Usually, but not always, the contents of the vehicle are not accessible.  You will have to check with the party or government entity that has possession of the car to see whether it will return personal documents.... Read More

You may need a Speacial Needs Trust. Third-party SNTs are used in estate planning to provide for special or disabled loved ones. Typically, the parents of an individual with disabilities or special needs will be the persons who establish a third-party SNT.  Please contact us if you need further assistance. 203.870.6700... Read More

Yes.  If you put your son "on title" you are granting him an interest in the mobile home,which his creditors can use to satisfy his debts.  There are ways to structure the transaction to significantly reduce your risk, however, such as conveying a life estate to yourself with the residuary estate to your son.  Without the legal jargon, that means you would have the right to live in the home for the rest of your life and your son would get it when you die.  Of course, his creditors would be able to come after it at that time.  You may want to consult a local real estate attorney.... Read More

In short, no.  Your son will only have control over the account that he has ownership in.  If there is a judgment against him, the holder could seize that account to pay it, but not any of your other accounts, IF you are not liable on the judgement.  However, it can work the other way if you are a joint owner.  For example, the account would be considered an asset of yours so if you owed someone money and they received a judgment for it, they could seize your son's account to pay the judgment.  ... Read More

Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. If you are speaking of inheritance through the probate of a Will, the Will allows a testator to distribute assets to beneficiaries that the testator solely owns (i.e., the testator owns 100% of the assets, such as a testator with solely owned property). If there is property jointly owned, then generally that property would either pass to the other party who jointly owns it if there are rights of survivorship or is held by a married couple as tenants by the entirety, or 50% of the asset would pass through a Will or to the heirs of the decedent well the other party remains a 50% owner of the property. Generally, any personal belonging and household items pass to the surviving spouse unless otherwise stated in a will. If you need any assistance, a New York Trusts & Estates Attorney could help you.... Read More

The answer depends on additional facts not stated.  Was an executor ever formally appointed by the probate court?  An executor has a duty to preserve estate assets.  Whether or not what transpired consitutes a breach of this duty depends on the estate, debts, lease agreement, and numerous other factors.  I recommend sitting down with an attorney to review the situation in full and advise you. Best of luck.  ... Read More

Hello. My name is Damien. I am an attorney in New York City practicing in the New York City metropolitan area. When someone has a life estate and wants to sell property, the life estate holder has to have the consent of the remainderman. So, if a parent has a life estate and a child is the remainderman, the parent and the child have to consent to the sale of the property. If not, the property could not be sold. Sometimes in these situations, the parties can work it out to share in a percentage of the proceeds of a sale to obtain consent. Separately, the life estate holder does have the possibility to rent the premises and collect rent if so desired while maintaining the life estate. If you need any assistance, a New York Trusts & Estates Attorney could help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082 or email me at DamienBoscoEsq@gmail.com... Read More

An irrevocable trust is an asset protection tool. A revocable living trust is an estate planning tool. While it can provide for protection for after death transfers to spouses or children, it must be drafted to allow that. Asset protection can take many forms and can be as complex as you need to protect the assets that are at risk. The basic concept is that you are removing ownership to some degree from your individual asset to a trustee who will manage those assets independently. The degree of indepence will affect how much exposure the assets in that trust will have. Whether this makes sense for you or not depends on what you want to accomplish and the extent you need protection for thos assets. A conversation with an attorney familiar with such trusts makes sense.... Read More

The short answer is that you should have a consultation with an estate law specialist in the state where your mother passed to ensure that the executor of your mothers’ estate is following the proper procedures for marshalling the assets of the estate, valuing the assets properly and then distributing the assets in accordance with the direction in the will. A lawyer who specializes in estate work will go over the procedures that the executor is required to follow, and he / she can then follow up to ensure that those procedures are being followed and potentially seek court intervention if there is an issue as to distribution of the assets of the estate.... Read More

Hello:  I am an attorney located in New York City. First, I am sorry for your loss. If your deceased husband's name is the only one on the deed, you have to list the property as an asset as part of his estate administration. And the personal representative could execute a new deed to whoever inherits the property. If your name is also on the deed, then as the surviving spouse, you are presumed to own the property as tenants by the entirety and you automatically inherit the property through the operation of law. You do not have to include the property in the estate administration and you do not have to do anything. You inherit the property. Although you do not have to do anything right now with the property, if you wanted to do so, you can file a petition with the registrar of the county that handles property records to show that you are the sole owner of the property. See NY RPP §§ 423, 423A.  If you need any assistance, a New York Estates Attorney can help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082.  ... Read More

Generally in Connecticut, Wills must be admitted to the Probate Court so the court can formally appoint the Executor and authorize the Executor to ensure that any debts, funeral expenses, probate costs, and taxes are paid, and subsequently distribute assets in accordance with the Will or Connecticut law, in the absence of a Will.  Once an Executor is formally appointed by the Court, he or she must identify, gather, and take “control” of the assets (as a fiduciary, not personally) that are subject to probate.  Generally, this includes property held in the decedent’s sole name or not held with a right of survivorship.  Assets in the name of the decedent alone or not held with survivorship may not be used until an executor or administrator is appointed, which may take two to four weeks. (In an emergency, the court can appoint a temporary administrator sooner). Once an Executor is appointed, the Executor may request permission from the Court to access assets to pay expenses and debts, including funeral expenses, or to reimburse anyone who contributed to those expenses on behalf of the decedent.  It is important to keep records of all assets, debts, expenses, etc. because the Executor must file an inventory accounting for all assets and transactions with the Court prior to the closing of the estate.... Read More

Sorry, I'm not sure what you mean by 2 sunggles. is this a breed of dog?  how much did you pay?  you are entitled to your money back and can file suit if necessary.  if the seller is regularly engaged in selling snuggles (dogs?) you may have a claim for the seller violation of the consumer protection act.  this allows you to recover the purchase price, a civil penalty of up to $10,000 oer violation, and attorney fees.  The violation would be to knowingly sell you a defective product.... Read More