Auto Accident Settlement

[alpurdy]

What is the name of your state? What is the name of your state? Ohio

A friend of mine was in an auto accident last June. She was determined to be at fault. She collided with a motorcycle while entering the roadway from a parking lot. Her insurance has already settled with the motorcyclist for his motorcycle and injuries.. Now he wants further compensation from her. His lawyer said he is seeking 50% interest in her home or $175,000. The property is in a living trust (she and her husband are both retired and in their mid 70s). He wants to settle out of court. Is this possible with a living trust involved? They have no other assets outside of the trust.

Let me know if you need more info.

Thanks

 

[zappy]

I guess this is what happens when you are not tough with your parents and take their car away from them, or make them get $500,000 liablity insurance...

they put themselves at financial risk if you own anything.

 

[DRN]

Who are the trustees and beneficiaries of the trust?

If it's them, the house may not be protected.

 

[alpurdy]

As near as I can determine at this point is the beneficary is her daughter. I don't yet know who the trustee is.

 

[alpurdy]

I just found out that my friend and her husband are the trustees and her daughter is the beneficiary.