Home willed to parents, how to preclude judgment attaching

[Jeff2387]

What is the name of your state (only U.S. law)? Nevada

I'm a single man, no marriage plans in the near future. I will soon purchase a home (outside of Nevada). At present, my parents are in a legal battle that could result in a judgment against them. If I were to pass on, and the home is willed to my parents, it is my understanding that any such judgment against my parents, would attach to the home. If that scenario were to unfold in the future, is there any legal method or maneuver that can be initiated at this time to preclude a judgment from attaching to the home? While a bankruptcy would extinguish the effects of a judgment, at this time and into the future, bankruptcy is not an option.

I would be most appreciative, if someone can suggest a viable solution, or point me in the right direction to address and hopefully resolve this potential issue.

Thanks,
Jeff

 

[ecmst12]

Leave the home to someone else.

 

[Jeff2387]

Leave the home to someone else.

LOL, after 34,000 posts under your belt, that's all you got? I wouldn't need to ask for advice on a legal forum to get pointed in the right direction if I wanted to will the home to someone else...

 

[Zigner]

LOL, after 34,000 posts under your belt, that's all you got? I wouldn't need to ask for advice on a legal forum to get pointed in the right direction if I wanted to will the home to someone else...

With my concurrence, it will be over 84,000 posts under the collective belt telling you the same thing.

You could always pay an attorney.

 

[Proserpina]

What is the name of your state (only U.S. law)? Nevada

I'm a single man, no marriage plans in the near future. I will soon purchase a home (outside of Nevada). At present, my parents are in a legal battle that could result in a judgment against them. If I were to pass on, and the home is willed to my parents, it is my understanding that any such judgment against my parents, would attach to the home. If that scenario were to unfold in the future, is there any legal method or maneuver that can be initiated at this time to preclude a judgment from attaching to the home? While a bankruptcy would extinguish the effects of a judgment, at this time and into the future, bankruptcy is not an option.

I would be most appreciative, if someone can suggest a viable solution, or point me in the right direction to address and hopefully resolve this potential issue.

Thanks,
Jeff

Possible homestead exceptions aside, I'm curious as to why your parents shouldn't deal with the consequences of their actions.

 

[TigerD]

LOL, after 34,000 posts under your belt, that's all you got? I wouldn't need to ask for advice on a legal forum to get pointed in the right direction if I wanted to will the home to someone else...

Actually that is excellent legal advice.
There is no way to leave the house directly to the parents and prevent it being used to pay their bills/debts.

But, I'm not a fan of the 'tide, so you can ask the questions "how" and "what do you mean" of someone else.

DC

 

[anteater]

But, I'm not a fan of the 'tide...

You don't think Bama should be ranked #1 in the polls?

 

[TigerD]

You don't think Bama should be ranked #1 in the polls?

darn auto correct.

That should have read 'tude.

As for Bama -- before yesterday I would have said yes -- for now.
Bama is undisputedly the best team in college ball. But I still think that on a good day, the Missouri Tigers can beat them.

DC

 

[ecmst12]

You'll be dead, you won't be able to do anything. The home will become an asset of your parents and so subject to seizure by any of their creditors that have judgements against them. There is absolutely NOTHING that YOU can do to change that. But of course it would still improve your parents' lives if they can use something they inherit to satisfy their debt, so they won't have to worry about it anymore.

 

[TheGeekess]

darn auto correct.

That should have read 'tude.

As for Bama -- before yesterday I would have said yes -- for now.
Bama is undisputedly the best team in college ball. But I still think that on a good day, the Missouri Tigers can beat them.

DC

I'll see that bet and raise you a SEC championship.

 

[tranquility]

Leave it to them in a trust. You need an attorney to determine the best way to allocate rights.

 

[TigerD]

I'll see that bet and raise you a SEC championship.

As long as we get past the old maid, we'll find out in Atlanta.

DC

 

[Jeff2387]

Leave it to them in a trust. You need an attorney to determine the best way to allocate rights.

Tranquility, thank you for YOUR reply. Yes, this is what I was inquiring about, a trust. Is this the type of situation where one would use an asset protection trust? I attended a seminar at a firm several months ago regarding real estate and short sales, and they touched on these types of trusts. Rather complicated which is why I came on here, to just try and get pointed in the right direction so I have a starting point.

 

[tranquility]

Tranquility, thank you for YOUR reply. Yes, this is what I was inquiring about, a trust. Is this the type of situation where one would use an asset protection trust? I attended a seminar at a firm several months ago regarding real estate and short sales, and they touched on these types of trusts. Rather complicated which is why I came on here, to just try and get pointed in the right direction so I have a starting point.

There is no such thing as an "asset protection trust" other than as a marketing strategy. Some trusts can protect some assets and that is why you need to see an attorney. Any right a person can access is a right a creditor can gain control over. The trick is to give the most control to the beneficiary in a way that gives the least rights to the beneficiary. It is fancy law and there is no real way to navigate the waters on your own.

 

[curb1]

Just for added pertinent information, University of Oregon will take care of the above mentioned situation.