B
BenLoe
Guest
Hi,
The Premise:-
I am 86 Yrs old and I have a son who is 14 Yrs old.
I placed my home in trust for him at least 5 years ago.
I realize that at 86 Yrs old it sounds strange to be getting ready to start a new business venture but I am in good health, my mind is clear and alert and I have an excellent business head. I am about to embark in a business venture that involves some risk in that I am considering applying for an SBA loan to finance the business. I, of course, will be personally liable for repayment of the same and therefore there is the risk of possible future litigation and judgement being levied against me. I want to protct the home that is in trust for my 14 Yr old from any judgement that may be levied against me from being collected by foreclosure on the home should I unfortunately default on the loan. In other words, I am seeking to "judgement Proof" the home for my son against future litigation against ME.
Question #1
Does the "TRUST" I now have, protect the home against a judgement that might possibly be levied against me from some future litigation?
Question #2.
If Not, can I get that "judgement Proof" protection for the home by actually transferring the title to my 14 Yr. old ?
Qustion #3.
If I did transfer title to the home to my 14 Yr old, would there be any tax implications against my son for the value of the home or can I declare the total value as my life time gift to my son so that he will NOT have to pay a gift tax for the value of the home.
Thank you,
Ben Loewy
The Premise:-
I am 86 Yrs old and I have a son who is 14 Yrs old.
I placed my home in trust for him at least 5 years ago.
I realize that at 86 Yrs old it sounds strange to be getting ready to start a new business venture but I am in good health, my mind is clear and alert and I have an excellent business head. I am about to embark in a business venture that involves some risk in that I am considering applying for an SBA loan to finance the business. I, of course, will be personally liable for repayment of the same and therefore there is the risk of possible future litigation and judgement being levied against me. I want to protct the home that is in trust for my 14 Yr old from any judgement that may be levied against me from being collected by foreclosure on the home should I unfortunately default on the loan. In other words, I am seeking to "judgement Proof" the home for my son against future litigation against ME.
Question #1
Does the "TRUST" I now have, protect the home against a judgement that might possibly be levied against me from some future litigation?
Question #2.
If Not, can I get that "judgement Proof" protection for the home by actually transferring the title to my 14 Yr. old ?
Qustion #3.
If I did transfer title to the home to my 14 Yr old, would there be any tax implications against my son for the value of the home or can I declare the total value as my life time gift to my son so that he will NOT have to pay a gift tax for the value of the home.
Thank you,
Ben Loewy