Protection of my home from liens

[txcowgirl]

What is the name of your state? TX

We have a high-risk business (our own authority and have one tractor-trailer), and are concerned that if we were involved in an accident that we could get sued and lose our home. We have a million dollars of liability insurance, but if it was a serious enough accident, it could be much higher then that. The business is in my husband's name, but our home is in both our names. I called a lawyer and was told that because we are married, the property could have a lien put on it, although because it is home-steaded, it couldn't be sold to collect on until we died. Our intentions are to give everything to our children. We have been told about a living trust that puts everything into our kids names, but because it has to be continually changed with every sale or purchase, it is very expensive to keep up. We were also told that we could divorce and the house could be put in my name only, which would protect it. We prefer not to do that. Any suggestions would be greatly appreciated.What is the name of your state?

[seniorjudge]

Originally Posted by txcowgirl

What is the name of your state? TX

We have a high-risk business (our own authority and have one tractor-trailer), and are concerned that if we were involved in an accident that we could get sued and lose our home. We have a million dollars of liability insurance, but if it was a serious enough accident, it could be much higher then that. The business is in my husband's name, but our home is in both our names. I called a lawyer and was told that because we are married, the property could have a lien put on it, although because it is home-steaded, it couldn't be sold to collect on until we died. Our intentions are to give everything to our children. We have been told about a living trust that puts everything into our kids names, but because it has to be continually changed with every sale or purchase, it is very expensive to keep up. We were also told that we could divorce and the house could be put in my name only, which would protect it. We prefer not to do that. Any suggestions would be greatly appreciated.What is the name of your state?

triple post

[url]http://forum.freeadvice.com/showthread.php?t=355136[/url]

[shannon-cl]

If the property is mortgaged. The mortgage company will probably oppose you attempting to transfer or change the deed as a form of protection. If mortgage is paid in full. That changes everything. If you do have any lawsuits or judgements pending against you. Changing ownership on the deed is termed as "Defrauding Creditors" to avoid payment. A Judge can reverse the ownership of the home back to you if he/she determines it was done to avoid paying judgements. You may be subject to other fines and sanctions also. If you presently do not have any judgements or potential suits, I wouldn't worry about it. Deal with it if & when something happens.