Hi everyone,
Recently I found out a friend of a friend's father (don't know this person) is in jail. He's in jail waiting for his trial but no chance of getting out of jail for at least the next 20 years.
The lawyer for the man in jail has advised the son to put all of his fathers assets under his name just in case victims of crime decide to sue, creditors, etc. The father has agreed to this. As far as I know he has a fair bit of properties.
Currently the son is in the process of transferring all his fathers assets to his own name. Surely this cannot be a good idea? Wouldn't transferring to a trust be a better idea? By transferring the assets to his own name can't the creditors and victim of crimes sue the son and at the same time placing great danger on his own assets as they are also under his own name? (He has several IPs). My thinking is if his fathers assets are transferred to a trust this would rule out the son getting sued and putting his own assets at risk.
Any thoughts??
Recently I found out a friend of a friend's father (don't know this person) is in jail. He's in jail waiting for his trial but no chance of getting out of jail for at least the next 20 years.
The lawyer for the man in jail has advised the son to put all of his fathers assets under his name just in case victims of crime decide to sue, creditors, etc. The father has agreed to this. As far as I know he has a fair bit of properties.
Currently the son is in the process of transferring all his fathers assets to his own name. Surely this cannot be a good idea? Wouldn't transferring to a trust be a better idea? By transferring the assets to his own name can't the creditors and victim of crimes sue the son and at the same time placing great danger on his own assets as they are also under his own name? (He has several IPs). My thinking is if his fathers assets are transferred to a trust this would rule out the son getting sued and putting his own assets at risk.
Any thoughts??