Legal Question in Wills and Trusts in California

Assset Protection
I'm a co-defendant in a litigation matter that is currently pending an arbitration hearing.

The arbitration hearing is being held to determined who is liable to the buyers of real property that I co-owned with a partner and sold to the buyers. The buyers are claiming that my partner and I misrepresented the contents of the property and the buyers want thier money returned pursuant to the recissionary clause of the sales contract. My partner and I truly believe that we represented the property for all rights, purposes and intents for which the buyers bought the property, however, after the sale was closed (over a year ago), a county violation concerning one of the structures on the land was served on the buyers. We as the sellers of the real property were not aware of any building code violations before we purchased or during the time we owned the property.

My partner and one of the buyers are licensed real estate agents, the other buyer is a real estate broker. A title company and an escrow company were involved in the sale and closing of buyer/sellers transaction.

My question therefore is; Is there a way that I can protect my assets now, in the event that the plaintiff's prevail in this legal matter
against me?

Asked on 6/15/07, 1:42 am

Donald Field Donald L. Field, Jr., Attorney at Law

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Re: Assset Protection

no, you should have held the property in a corporation, limited partnership or LLC. see:

http://www.taxrights.com/assetprotection.htm

any transfers of your assets now to others are not likely to withstand challenge as fraudlent conveyances.

see CIVIL CODE SECTION 3439 through 3439.12 at:

http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=civ&codebody=&hits=20

Answered on 6/16/07, 11:59 am

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