scott_ttocs46
Junior Member
Hi All,
What is the best way of securing a large piece of land (425 acres in Texas) for a family who creditors are pursuing?
My friend owns a large piece of land and is trying to secure it for his children. He has a large outstanding debt though. The land was not used a collateral for the debt and there are currently no liens on the land. However, with emergent technology, he suspects that the creditor will find out about the land and attempt to seize it.
My thoughts were initially a trust. However, I believe (but am not certain) that if you put a piece of land in a trust and the creditor can prove you did this in an attempt to avoid prosecution, then the action can be reversed. I am not really clear on the waiting period in Texas for a trust either.
Regards,
Scott_ttocs46
What is the best way of securing a large piece of land (425 acres in Texas) for a family who creditors are pursuing?
My friend owns a large piece of land and is trying to secure it for his children. He has a large outstanding debt though. The land was not used a collateral for the debt and there are currently no liens on the land. However, with emergent technology, he suspects that the creditor will find out about the land and attempt to seize it.
My thoughts were initially a trust. However, I believe (but am not certain) that if you put a piece of land in a trust and the creditor can prove you did this in an attempt to avoid prosecution, then the action can be reversed. I am not really clear on the waiting period in Texas for a trust either.
Regards,
Scott_ttocs46