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#1 by aaron p at July 23rd, 2009
You need a good lawyer and an accountant. You need personalized advice from someone you can hold accountable, and you can’t get that here.
You should also talk to a good insurance person because what happens if she goes into the hospital?
#2 by Insurance Geek-ette at July 26th, 2009
Yes, they can attach your assets, to pay your debts, including the rent house.
If you put it in your daughter’s name, then it’s HER house. If she dies, it goes to whoever SHE says - her heirs. Not back to you. As it would be her asset, she would be responsible for the taxes and insurance, and she would be the person entitled to the rents.
Additionally, if SHE has any outstanding debts, the house could be attached to pay off HER debts.
#3 by Gambit at July 29th, 2009
You have enough money to own a rental property but not enough to buy health insurance? We’ll talk about priorities another time.
If you put the house in your daughter’s name she is liable for it. This means she is liable for the taxes owed, and she is liable if she is sued because of injuries or damages arising out of the ownership of the property. However just because it’s in her name does not mean your creditors could not ask a court of reverse the transfer if: a) they can prove that you were trying to protect the asset from creditors and/or b) you are still deriving income from the property. If you’re going to transfer it then be prepared to sever all ties to the property.
#4 by Insurance Pickle.com at August 1st, 2009
But, then they could be sued and you’d lose your house. Why don’t you just get the insurance to protect your assets. That’s what it’s for.