QUESTION
How can I resign to the right I have in my investment properties?
Asked on Jun 11th, 2014 on Estate Planning - Ohio
More details to this question:
They are under my husband's and my name. I want them to be just under my husband's name to protect them from any lawsuit. My father lives in another country and he told my sister he will demand support from both of us. He never gave us anything. He was a drug addict and maybe he still is. I just want to protect my family. We have 4 investment properties we rent and one house where we live. I am a stay at home mom. Thanks!
15 ANSWERS
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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I am not sure what legal theory would enable a father to demand support from his children. Deeds can be filed to change the ownership interest in the investment real estate. The marital home can be retitled as with you and your husband as tenants by the Entirety to protect it from creditors. You should consult with a lawyer to determine the best way to transfer ownership of the investment properties without inadvertently creating a taxable transaction.
Answered on Jun 16th, 2014 at 8:20 PM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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What right does your father have to demand support from you and your sister here in the United States? I know of no law that would force you to support him. He is just trying to bully you and your sister to support him. This is not a healthy relationship to have with your father. You need to cease all communication with him and get on with your life and take care of your husband and children.
Answered on Jun 16th, 2014 at 8:20 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney, what you're asking to do which would involve quit claiming the income producing properties as well as your house to your husband alone, would generally be possible in a common-law state and have very little effect upon you except to limit their available to your creditors. In a common law state it might be another matter.
Answered on Jun 16th, 2014 at 8:20 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Jointly owned properties are not subject to the creditor claims or other legal debts of ONE of the parties. You do not need to risk your financial security in order to avoid your father's threats. Under Michigan law, you have no obligation to support him, anyway.
Answered on Jun 16th, 2014 at 8:19 PM
Taxation Attorney serving Charleston, WV
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C. Page Hamrick III
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FOR WEST VIRGINIA ONLY: To have property taken out of your name in West Virginia, you need to have deeds to the various parcels prepared and recorded. You may want to discuss this with an attorney first, as this has far-reaching consequences with regard to divorce and estate matters. You may want to consider a trust also. It is very complicated and you need an attorney.
Answered on Jun 16th, 2014 at 8:19 PM
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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You can take your name off the title to those properties by filing a quitclaim deed, but if there are mortgages associated with those properties, you would have to work with the bank as well. I do not know what basis your father can demand support from you, that sounds unusual. There are also other ways to protect your properties that you can discuss with an estate planning attorney, such as a trust or an LLC.
Answered on Jun 16th, 2014 at 8:19 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Keep the properties in your name, and not worry about your father trying to claim support. You as a child have no obligation to support him. Tell him to stuff it. The other reason, to keep your share of the properties in your name, if a divorce came along, then you will have a tough time reclaiming what is yours.
Answered on Jun 16th, 2014 at 8:19 PM
You will need to work with an attorey who specializes in asset protection matters.
Answered on Jun 16th, 2014 at 8:19 PM
Edwin K. Niles
You are contemplating a big step. Please talk with an estate planning lawyer before doing anything.
Answered on Jun 16th, 2014 at 8:19 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Initially I would recommend doing NOTHING without a thorough legal review! In Michigan ... real property owned by a husband and wife is separate from the assets of each of them... its held by the "entireties"so a creditor of one cannot claim against the property unless both husband and wife are liable. Further you are under no legal obligation to support your father unless you signed something to promise to support him..so your fathers threat is generally not a concern.
Answered on Jun 16th, 2014 at 8:19 PM
Thomas Edward Gates
There is no way that someone can attach your property for the actions of your father. You have a choice on whether you wish to provide him any assistance.
Answered on Jun 16th, 2014 at 8:19 PM
2 Awards
You really need to sit down with an estate planning attorney. You can transfer the assets int your husband's name but that may not protect you from creditors. Honestly in the US your father has no right to support and if you are a citizen of the US and do not plan on returning to that country, I would think you have very little to fear.
Answered on Jun 16th, 2014 at 8:19 PM
3 Awards
You should consider using a LLC. You are potentially creating other issues by transferring them to your husband. I suggest you sit down with an estate planning attorney to address your options. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Jun 16th, 2014 at 8:19 PM
Your father has no right to claim support or any money from you. A minor child has a right of support from their parents but the opposite is not true. You could transfer title to the assets to your husband but in a community property state as California that probably would not matter as you still have a one-half ownership interest. You could put the assets into a trust and then it is the trust and not you who owns the property.
Answered on Jun 16th, 2014 at 8:19 PM
Rather than putting the properties to your husband's name, create an LLC or a corporation and transfer the properties to the company. Even as owners of the company, your family's personal property will be protected from most law suits. I have no idea how your father thinks he can demand support from you unless you bought the investment properties from him and didn't pay him. There is no statutory obligation in the U.S. for an adult child to provide support to a parent just because of their relationship.
Answered on Jun 16th, 2014 at 8:19 PM