Protecting your assets in a civil suit
Reading the responses to Cutiegirl's "armed robbery" thread got me to thinking.
Seems to be at least somewhat likely that killing a bad guy, even if justified, will result in a legal battle which may very well leave you penniless.
So my question is this: Are there any actions that someone could take, immediately after the incident, to protect their assets?
Transfer ownership to someone else? Sell the house for $1 to a family member? Anything???
Seems to be at least somewhat likely that killing a bad guy, even if justified, will result in a legal battle which may very well leave you penniless.
So my question is this: Are there any actions that someone could take, immediately after the incident, to protect their assets?
Transfer ownership to someone else? Sell the house for $1 to a family member? Anything???
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Cant touch ya i believe if you have both husband and wife names on everything. But what is only in your name well, it;s time to say bye,bye. 0 -
Thats the reason for the self defense bills we've been seeing take place in many states. 0 -
I'm lucky I guess. I own a small house and a few acres in Washington county. But the house I live in belongs to my dad along with my car. My truck belongs to the bank, but my mom has offered to pay it off for me. but almost everything else I have would be hard to prove is mine. I do have a large amount of money in investments that would be hard to hide. And the house and land would I own would be screwed. I have a boat and a couple jet ski'sl that are mine. Actually the truck is the only thing........
You after thinking about it. I would be screwed[:(][:(][:(]0 -
Put all of your assets into an irrevocable trust, that is managed by your most trusted relative.
That will be ironclad 100% way of covering your a$$.0 -
Make sure the "bad guy" is dead and inside the house before the cops get there. And be sure to have all bullet holes in the front.
"I felt my life was threatened."0 -
quote:Originally posted by awinds
Make sure the "bad guy" is dead and inside the house before the cops get there. And be sure to have all bullet holes in the front.
"I felt my life was threatened."
That doesn't mean you won't be drug into a civil suit instigated by the perp's family and some hack lawyer, which would cost you thousands.
On the up side, doesn't the castle doctrine law they are passing in some states contain protection against law suits?0 -
quote:Originally posted by Rack Ops
Reading the responses to Cutiegirl's "armed robbery" thread got me to thinking.
Seems to be at least somewhat likely that killing a bad guy, even if justified, will result in a legal battle which may very well leave you penniless.
Not so fast. There are many jurisdictions around the country, Colorado included, where if you are in the process of committing a felony, you cannot sue if you are injured while committing said felony.0 -
Counter sue the bad guys family for emotional distress. 0 -
quote:Griff59 Posted - 03/21/2007 : 01:33:39 AM
Put all of your assets into an irrevocable trust, that is managed by your most trusted relative. That will be ironclad 100% way of covering your a$$.
That would only work if you do it BEFORE you are involved in the incident in question.
If you try to disribute assets that are likely to be recovered in litigation, that is fraudulent conveyance.
Not only can you be penalized for trying it (and it looks VERY bad, possibly prejudicing your case), but the assets can be legally recovered from their new owner.
In this case, a judge could invalidate the trust and take all the assets out and give them to the plaintiff.
So if you want to protect your assets you have to do so BEFORE a potentially predatory plaintiff has a case (ie now).
You also have to make sure that your future earnings are protected as well.
This is actually quite a complicated, (and emerging) area of law (with its share of scammers, unfortunately), and if you want REAL protection, you are going to have to pay REAL money to a REAL lawyer to deliver it to you.0 -
quote:Originally posted by beantownshootah
quote:Griff59 Posted - 03/21/2007 : 01:33:39 AM
Put all of your assets into an irrevocable trust, that is managed by your most trusted relative. That will be ironclad 100% way of covering your a$$.
That would only work if you do it BEFORE you are involved in the incident in question.
If you try to disribute assets that are likely to be recovered in litigation, that is fraudulent conveyance.
Not only can you be penalized for trying it (and it looks VERY bad, possibly prejudicing your case), but the assets can be legally recovered from their new owner.
In this case, a judge could invalidate the trust and take all the assets out and give them to the plaintiff.
So if you want to protect your assets you have to do so BEFORE a potentially predatory plaintiff has a case (ie now).
You also have to make sure that your future earnings are protected as well.
This is actually quite a complicated, (and emerging) area of law (with its share of scammers, unfortunately), and if you want REAL protection, you are going to have to pay REAL money to a REAL lawyer to deliver it to you.
John Edwards, anyone?0 -
quote:Originally posted by Rack Ops
So my question is this: Are there any actions that someone could take, immediately after the incident, to protect their assets?
In the words of the Mckenzie Brothers... "take off, eh?"0 -
Nothing you can do AFTER the fact to protect your assets from a civil suite. There is only one way to protect yourself and your family BEFORE...and it is important that you do this as soon as possible...sell everything you own (except your gun, of course) and wire the money immediately to my off shore account #740920-075yhr67403. I promise you will never loose it in a civil suit. 0 -
One way of protection is through your home owners insurance policy. I know my policy, even though just renters insurance, covers my liability for being sued if something were to happen on, in, or around the residence that is insured. On the other hand, if it was not at the residence, then I would be liable.
Now the fact that Indiana has a castle law, someone can not sue you.0
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