Posted on: 16th Oct, 2010 03:28 pm
i want to quit deed our farm to my family with our 3 children in a llc. if later someone got a judgement against me would he be able to attack the flp against all 5 owners or just me 20% owner or no one in family limited partnership? :?: there is no current loan on the farm. would it be different if we had a loan on the farm?
Welcome jdshep,
If one of your creditors receive a judgment against you, then he'll place a lien against the whole property and not just against your share of the property. There will be no difference if there's a mortgage on the property.
If one of your creditors receive a judgment against you, then he'll place a lien against the whole property and not just against your share of the property. There will be no difference if there's a mortgage on the property.
Is a quitclain with life rights to property as good as a limited family partnership if I just want to pass ownership after I die?
Hi jdshep!
Welcome to forums!
If you just want to pass off the ownership in case of your death, then you should go for joint tenancy with rights of survivorship. On your death, the co-owner will receive the property without any issues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you just want to pass off the ownership in case of your death, then you should go for joint tenancy with rights of survivorship. On your death, the co-owner will receive the property without any issues.
Feel free to ask if you've further queries.
Sussane