California | Real Estate Law
Legal Question
Protect Real Estate Family Limited Partnership or Trust
I would like to create a Family Limited Partnership (FLP) or Trust to protect my real estate from judgments or other problems in the future. I started looking into this over a year and ½ ago, & met with an attorney to set up the Trust for me, but it didn't get done. Could you please tell me, might there be some benefit in dating my paperwork on the date I first requested this? Or having my former attorney date the paperwork, & send it to my new attorney who would know how to set up the Trust? In the meantime, a frivolous action was filed against me, no judgment has been filed, & although I believe it will be dismissed, I do want to protect myself and wouldn't want the judge to presume that since I am now just completing the Family Limited Partnership, I did it because of this baseless action that has been filed. I wanted it back then prior to any knowledge of this action. Also, I have read websites about asset protection & setting up a Trust or a corporation, & want to be sure I select a legitimate way to protect myself now & be able to safeguard my only asset, my home. What's the best way to do the FLP or a Trust, so that a judge will honor it, given a lawsuit is pending? I'd be thankful for any detailed info you can provide.
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