Posted: 6/5/2008 1:11:10 PM EDT
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My father is or will soon be getting sued. He does private placement deals and with the economy and skittish investors some people backed out and the others who are still in (hotel/condo project) have their money locked up. Long story short is that they own the land, have 1/2 the financing in place for the project, but can't secure the rest. The investors knew going into this that it was a long term illiquid investment (held mostly in their IRA's) and that shit like this takes time... Now they are suing to get their money back.... My question is... My father has little to no assets (1 boat, 4 cars of which 3 are paid off). Should he transfer the titles of these to me to keep them safe? What other ways are there to preserve any remaining assets he has? He is in debt on his home so no real value there. Besides the TV and furniture the guys suing can't really lay claim to anything besides the investment project themselves which I imagine they would shipwreck. |
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Who is "they" that own the land? What state is your dad in? Is he incorporated?Where is this property located? Your dad has no assets other than 1 boat and 4 cars? Maybe your dad already has this figured out. If not, maybe your dad should find a new line of work. |
It's far too late to "transfer titles"... the court will see right through that. If I were in this position, I might take a very fatalistic approach. Sell everything, take the cash to Vegas, and blow it all in one spectacular trip. Why not? Sorry, money's all gone 
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