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Trusts And Debtor Shenanigans







What if the judgment debtor lives in a property that is owned by some trust? As an example, the debtor placed their home into a trust previously, long before you received your judgment. There's at least 2 reasons people move assets into trusts. One reason is to avoid probate, one other reason is to try to thwart judgment creditors.

If a trust owning real estate can be proven as an another name for the debtor, one might be able to then attach a lien on that real estate. How might one find out when your judgment debtor owns the trust that has ownership of a property?

My articles are my opinions and are not, legal advice. I am a judgment referral expert, and not a lawyer. If you ever need a strategy to use or legal advice, you should contact a lawyer.

If there is a possibility that your judgment debtor will someday, or now has any real estate property ownership, it is smart to quickly record a real estate lien that specifies them as much as the law allows. These kind of property liens may be called an abstract of judgment, and they should list the debtor's last-known property address.

A first step in finding out who owns the property the debtor stays at or is involved with, is to visit your regional county recorder's building and inspect the records for that property. When real estate is owned by Tom Tune (Te), the "Te" most often means the individual is the trustee of some trust. Often, properties get transferred into a trust with a quitclaim deed.

Trusts are contracts between people. Trusts are a type of legal entity, but trusts are not individual legal entities like corporations and LLCs are. A trust sometimes forms a document which contains the goals of the debtor in the event of their death or disability.

A simple trust might be an asset, just like another asset inside a judgment debtor's bank deposit box. Your debtor may not be the owner of a trust, and instead may use or own assets contained in that trust.

Trusts may contain some other trust, or own other LLCs or corporate entities. It may be structured so well that the assets put inside the trust become judgment proof and unreachable.

Some trusts, particularly complex trusts designed by expert asset-protection lawyers, are used as asset protection tools by debtors. A well-designed trust, designed by a professional financial planning expert working with a good attorney, could form trusts which may become judgment proof, and might offer that debtor a world-class asset protection solution. Trying to undo such asset protecting trusts is usually really expensive and difficult.

It all depends on the details of the trust, the amount of the judgment, and the assets at stake. The only way to determine the possible asset-protecting level of the trust, is for you or an attorney to issue a debtor examination subpoena to get and read a copy of the trust. If the trust is amateur, simple, not properly set up, or has flaws; there may be hope.

Hopefully, you can prove the trust and the assets inside it, are just an asset that belongs to the judgment debtor. To prove who owns a judgment debtor's trust most often requires a judgment debtor examination, with a request for a document production. Subpoena the trust document, and look for some authentication proof, which might require one or more (usually notarized) signatures.

When there is a loan on the real estate in question, the details of that loan situation will show who is who. Usually, loans are made to individuals, and later real estate is moved into a trust.

If you are able to prove that the judgment debtor owns a simple trust, and is using the trust just to attempt to stop you from recording your judgment lien on their real estate; you may be able to have an affidavit of identity request approved. Such an order could order that the trust is just an AKA of your judgment debtor. Then, you may be able to get a turnover request approved, after a debtor exam. Certain judges will not sign such an order, and your results will vary.

If you get this kind a trust ownership turnover order approved, it could be recorded, along with a certified minute order (the statement documented after a court made a decision). That may cloud title to your judgment debtor's real estate.

Look for any other assets named in the trust, such as bank or brokerage accounts. After that, subpoena any documents of assets owned by that trust. When there are some accounts, you may be able to pay for a Sheriff garnishment or have a turnover order of the assets; after proving the assets are the debtor's real estate, held in the name or AKA for the trust of the judgment debtor.


About Author Mark Shapiro :

Mark Shapiro of <a href="http://www.JudgmentBuy.com" target="_blank">http://www.JudgmentBuy.com</a> - The easiest and fastest way to find the right expert to buy or recover your judgment.


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Article Added on Monday, May 5, 2014
LD
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