Posted by chet on February 27, 2005 at 17:42:25:
read what a fraudulent conveyence is. Seems like you’re in deep do do now.
get in touch w/ a good corporate litigation/asset protection lawyer.
being sued & no insur. - Posted by gio
Posted by gio on February 24, 2005 at 16:55:15:
hi, I posted this on the main group but some suggested i post here for possible better suggestions…
…
I may learn the hard way.
i purchased some vacant land (2/04) in NYC in a corp name and i didn’t have insur. on it. I rec’d a letter 1 wk ago from an atty. saying someone was injured at my prop in April '04 and they want my insur. info. After my atty contacted the other atty, a possible suit may start if i don;t have insur. I own several props. in that name.
Question : HOW do I protect myself NOW ? Atty’s here don’t know anything about using trusts for protection. Can I still put my props in a Land Trust ? Should I transfer the props to a different LLC, and will I have to pay those big transfer taxes on them ? Will I be better off encumbering them with a mortgage lien and pay the hefty Mortg. taxes ?
What the heck should I do from now on(besides buy insurance when i purchase)since atty’s here don;t know about the use of trusts?
Thank you in advance.