Legal protection of our home from lien

[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. 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 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 live will 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. We prefer not to do that. Any suggestions would be greatly appreciated.What is the name of your state?

 

[seniorjudge]

Buy lots of liability insurance.

 

[David Jonathan]

why not set up a corporation, put the truck, and the other company assets in the name of the business, and like Senior Judge said, buy lots of liability insurance. Actually hiring an attorney and paying a tax accountant is a LOT cheaper then risking a serious accident, or any other type of claim. Most owner operators that I know have corporations set up for their trucks and their trucking business.

I'm not an attorney, but you'll certinally want to speak with one about those types of questions.

--Dave.

 

[seniorjudge]

why not set up a corporation, put the truck, and the other company assets in the name of the business, and like Senior Judge said, buy lots of liability insurance. Actually hiring an attorney and paying a tax accountant is a LOT cheaper then risking a serious accident, or any other type of claim. Most owner operators that I know have corporations set up for their trucks and their trucking business.

I'm not an attorney, but you'll certinally want to speak with one about those types of questions.

--Dave.

Google texas pierce corporate veil.

Then BEFORE you hire that lawyer, ask the lawyer what that phrase means in your state. If the lawyer does not answer instantly, do not hire that lawyer.

 

[moburkes]

Buy lots of liability insurance.

A whole lot.




On a side note: It is interesting to me that, when a person is found to be liable for a serious accident, that their concern would be to save their assets from creditors so that the bills of others can be paid, instead of attempting to make restitution (if that's the right word).

 

[tranquility]

The financial total of a person's work over a lifetime should not disappear because of a momentary lapse of concentration. I agree that adequate insurance is paramount, but I don't see the problem in arrainging one's life to segregate risks according to the reward received.

 

[moburkes]

The people on the other end of that accident, who can't afford to pay those medical bills don't agree.

 

[You Are Guilty]

The financial total of a person's work over a lifetime should not disappear because of a momentary lapse of concentration.

What other kinds of lapses are there? (If it's permanent, it's no longer a lapse!)