Legal Question in Wills and Trusts in Florida
My Mom bought a house all paied for she is the soul owner. She also has CD's in the bank in trust to me her daughter. She is putting the house in trust also to me her daugher. If something happened to me causing a lawsuit against me can this affect her money and home while she is still alive because it's in trust to me, and can it affect me later down the road after she dies. Thank you
2 Answers from Attorneys
Question is not formed well enough to give an adequate response. If your mom owns her home and it is her homestead she can quit claim to you an interest with remainder to be devised to you upon her death - then if this is your homestead - then the creditor's can not touch. If your mom puts this house in a trust agreement - the homestead protection is lost and yes the credtior's can go after it. The CD - same thing - if you owe debt and it is discovered that you have assets - then the creditors can attach. It would be better for the two of you to seek help of a estate planner so that her assets will be protected and can be devised to you in such a way that creditor's can not get to it.
It is difficult to answer this question without knowing more. It may be best for your mother to contact an estate planning attorney. This is a complicated matter and if you know that you may get a judgment against you, do not delay in seeking the advice of counsel. Regards,
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