Liability limits for joint owners

[iamhannibal]

What is the name of your state?What is the name of your state?NY

This may be a more complicated issue than I am making it. If both my name and that of my daughters name appear on a deed for a house I am living in, is it possible to specify the per cent of ownership of this property?

The next part deals with liabilities in case of some law suit against myself. Assuming that the per cent of ownership is legal and I have 1 per cent of the ownership. I get involved in some automobile accident or some action which results is a lawsuit. Is the property that my daughter and I own in jeopardy because of a possible decision finding me responsible and could this house be forced to be sold to satisfy this judgement if it was a very high one?

The question really is how much of the house is considered part of my assets for this judgemment against me. The whole or just the 1 percent I own?

I also assume that even if this property were a life estate agreement, my name could be on the deed to show some degree of ownership.

Thankyou for any help ..

Thankyou

 

[HomeGuru]

What is the name of your state?What is the name of your state?NY

This may be a more complicated issue than I am making it. If both my name and that of my daughters name appear on a deed for a house I am living in, is it possible to specify the per cent of ownership of this property?

**A: yes, but the percentages needed to be done before making the deed or can be done currently if both owners agree.
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The next part deals with liabilities in case of some law suit against myself. Assuming that the per cent of ownership is legal and I have 1 per cent of the ownership. I get involved in some automobile accident or some action which results is a lawsuit. Is the property that my daughter and I own in jeopardy because of a possible decision finding me responsible and could this house be forced to be sold to satisfy this judgement if it was a very high one?

**A: yes, to get at your 1% interest.
*********

The question really is how much of the house is considered part of my assets for this judgemment against me. The whole or just the 1 percent I own?

**A: 1%, but in judgement recovery the creditor cannot take 1% of the home, therefore they would file a judgement lien then file to foreclose on the home. Upon the sale, they will get paid in cash.
*******

I also assume that even if this property were a life estate agreement, my name could be on the deed to show some degree of ownership.

Thankyou for any help ..

Thankyou

**A: the best situation would be to see a trust attorney to create a trust.

 

[iamhannibal]

Homeguru---liability limits for joint owners

NY:

You suggesting that perhaps this home should be placed in a trust account?

I was thinking of a life estate to give us rights to remain and then this property would automatically shift back to the rightful owners without any probate or similar problems when we were riding that ol range either up there or down below..

The second aspect is that our name should appear on the deed for the STAR program in NY--

The question then came up about lawsuits and whether this property would be in jeopardy.

A trust would eliminate this concern about foreclosure because of a judgment on a very minority owner and still will fulfill the need to have name on deed and would eventually go to the rightful majority--99% owners?

Interesting way to look at it.

Thankyou again

 

[HomeGuru]

NY:

You suggesting that perhaps this home should be placed in a trust account?

**A: no, I did not say a truct account, I said in trust. A trust would be an entirely separate legal entitty.
*******
I was thinking of a life estate to give us rights to remain and then this property would automatically shift back to the rightful owners without any probate or similar problems when we were riding that ol range either up there or down below..

The second aspect is that our name should appear on the deed for the STAR program in NY--

The question then came up about lawsuits and whether this property would be in jeopardy.

A trust would eliminate this concern about foreclosure because of a judgment on a very minority owner and still will fulfill the need to have name on deed and would eventually go to the rightful majority--99% owners?

Interesting way to look at it.

Thankyou again

**A: consult with an estate/trust attorney.