Legal Question in Civil Litigation in Minnesota

Title transfer and ownership
What liabilites would we incur if we placed a title for a recreational item under our name? It is owned by my parents. They are older and wish to have all their assets in their children's names and have asked us to place the title in our names. However, they are still utilizing the item. In this case it is a boat. They carry the insurance as well.

Asked on 4/05/00, 4:08 pm

Michael Baldassarre Law Office of Michael J. Baldassarre

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Re: Title transfer and ownership

An accident that causes more damages than insurance coverage

would subject you--the owner of the boat to potential liability.

I saw this happen to a very nice young lady. She lent a friend her car.

Her friend caused a major accident and someone was killed. Both her and her friend are now being

sued for several hundreds of thousands of dollars and there is only 20,000.00 of insurance coverage.

If you get divorced or get into trouble with debts

and have to file bankruptcy, your parents could lose the boat.

Answered on 4/20/00, 9:05 pm

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