Assets Question......Please advise!

[Mimi-to-8]

Ok, my case is still early on. Just filed Answer yesterday. No court date yet. Court is only once a month in my po-dunk town.

I have gotten legal advice without representation. They advised to take my name off checking, which I have just done. Also advised to Quick Claim house to another. Just in case it goes all the way, and a judgement is against me, they get nothing. (alleged CC debt is 10k) I am unemployed.

My very biggest concern is: I am Power Of Attorney along with my brother for our parents' accounts. My dad is 80 and has Alziemers. My mom is 71. They have worked very hard over a lifetime for what they have!

Can the CC company (if they win) take my parents' assets because my name is on their accounts? I do not want to tell my mother about my financial mess because she has her hands full with my dad. Also, she bailed me out of CC debt about 20 yrs ago and she would KILL me if she knew I did it again!

Please, any info for this concern is greatly appreciated!!!

I am worried sick over this issue!!!

[Linda7]

Ok, my case is still early on. Just filed Answer yesterday. No court date yet. Court is only once a month in my po-dunk town.

I have gotten legal advice without representation. They advised to take my name off checking, which I have just done. Also advised to Quick Claim house to another. Just in case it goes all the way, and a judgement is against me, they get nothing. (alleged CC debt is 10k) I am unemployed.

My very biggest concern is: I am Power Of Attorney along with my brother for our parents' accounts. My dad is 80 and has Alziemers. My mom is 71. They have worked very hard over a lifetime for what they have!

Can the CC company (if they win) take my parents' assets because my name is on their accounts? I do not want to tell my mother about my financial mess because she has her hands full with my dad. Also, she bailed me out of CC debt about 20 yrs ago and she would KILL me if she knew I did it again!

Please, any info for this concern is greatly appreciated!!!

I am worried sick over this issue!!!

I don't think quit claiming your house will work. They can "call back" the deed and say that you did it on purpose to evade a lien. And I would take my name off of any and everything. I'm not sure though that the Power of Attorney on your parent's accounts would be at risk . . . let some of the others answer on that. I would think that the power of attorney just allows you to make decisions on the accounts - not make the account yours. However, if you are in line to inherit anything from your parents - money, property, etc., that could be at risk when you come into the inheritance - if you have a judgment hanging over you.

[jq26]

Did the lawyers tell you about fraudulent transfers? did they tell you that once a claim if filed that there is no point in transferring property? Strange. When a lawsuit is filed, a quit claim doesn't really do much. A 30 second search will show a transfer of property after the date the action was filed.

But give it a shot. Maybe it'll obfuscate a novice judgment creditor. Definitely not a foolproof strategy.

Are you on title with your parent's bank accounts? You shouldn't be. Your POA should override title anyway.

[Mimi-to-8]

Did the lawyers tell you about fraudulent transfers? did they tell you that once a claim if filed that there is no point in transferring property? Strange. When a lawsuit is filed, a quit claim doesn't really do much. A 30 second search will show a transfer of property after the date the action was filed.

I was concerned about the fact of "hiding assets" with a Quit Claim. The atty said "your not hiding anything, your son has it. You can say you were settling a debt with him by doing it."

I do not want to do anything illegal but would like to protect what we have worked hard for from a wealthy CC co.

What if I transfered it to my husband's name? Would that be a little different?

The house and alleged CC account is presently in my name only. My husband's income has made all the house payments.

Are you on title with your parent's bank accounts? You shouldn't be. Your POA should override title anyway.

I do not know and do not really understand what you mean by "on title". With my dad's condition getting worse, my mom added us to her checking, savings, and CD's so we could have access to pay bills/make decissions for dad if something happened to her.

I had rather deal with a lien being placed on my house. I am not planning on selling. I could just save a little over the next several years to pay the lien off.

The CC co would just be in waiting. I just can not have them going after my parents' assets! That's not right!

[BV80]

Bless you heart. I know you're worried. Most lawyers will offer a free initial consultation. You could always schedule one and perhaps get some of your questions answered. It doesn't mean you have to hire the attorney. Don't get me wrong. I'm not trying to cheat an attorney out of his fee. But, in this case, you need some answers and some peace of mind.

[nobk4me]

Quote from Mimi-to-8:

I do not know and do not really understand what you mean by "on title". With my dad's condition getting worse, my mom added us to her checking, savings, and CD's so we could have access to pay bills/make decissions for dad if something happened to her.

That sounds risky. Adding your name to your mother's accounts sounds like a creditor could take them.

[jq26]

Just to follow up:

You said you were a POA. You don't have to have a joint account to be a POA. Those assets are now joint assets and attachable. Take your name off of the account. It should have never been on there.

Regarding the transfer of property- it probably won't protect it no matter who you transfer it to. If those who were sued could just transfer assets to someone else to avoid having attachable assets, no plaintiffs would ever get paid. So a judgment creditor can "reverse" any transfer and attach the property.