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If I transfer my property to a child can a credit card company put a lien on the property?
Wiki User
∙ 13y ago
That will not always work. If you have a judgment against you for a credit card debt, and if you received that judgment while you owned real property in that jurisdiction, there is automatically a judicial lien for the amount of the judgment against that real property. When someone goes to buy the property later, they are going to compel you to deal with that judicial lien one way or the other irrespective of whether you signed a quit claim deed over to your child for that property. The best way to handle this is to try to do what is called "avoiding" the lien. Whether you can do that or not depends on your specific situation.
Answer/ClarificationA transfer to avoid a creditor is a fraudulent conveyance and can be voided by a court. Evidence of fraud would be such factors as transferring the property for less that market value, transferring to a friend or relative, or transfer to a child.
You should also consider this:
You can execute a deed that transfers your property to your minor child, however, it's not a good idea. Adding a child's name would actually complicate the title to the property and could result in legal costs down the road. A problem would arise if the property must be sold or if you decide to take the child's name "off" the property. At that time you will encounter legal difficulties.
Generally, if the property must be sold, a guardian would have to be appointed by a court to sell the property for the minor. Remember that the property will be considered the child's property. The guardian will need to obtain a licensefrom the court. The court will require the appointment of a 'guardian ad litem' who would need to review the proposed sale and report back to the court whether it is in the best interest of the child. All those appointees would need to be paid for their services. There would be court costs and attorney's fees if you need to hire an attorney. After the sale, the court would require that the proceeds be supervised on behalf of the child until they reach the age of eighteen.
In some states, a child can refuse the property when she comes of age and the conveyance could be voided. That might cause other problems.
If nothing will be done with the property until the child becomes an adult, and it's a friendly conveyance (not one carried out to defraud or to purposely encumber the title), then there is no prohibition against it in Massachusetts. However, if the conveyance is done to avoid creditors the court can void the conveyance and the creditors can seize the property.
There is one more factor to consider. Once the child becomes eighteen, they will become the legal owner and the relationship may not be so friendly. They may refuse to convey the property back unless they receive compensation. Also, the property will become vulnerable to their creditors.
Wiki User
∙ 13y ago
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Can child support arrearages put a lien on an LLC company that is owned by deadbeats husband?
It depends on which state you are in but most states will not place a lien on any property for back child support. Some states will report back child support to the payer's credit report though.
How can a parent who co-signs for a car for child transfer the credit for car paid in full and in good standing to that child?
If the parent was a co-signer that means that both people have put their names on the car so it should contribute to the credit of both parties. It may take 30-90 days for the credit bureau to report it however. If it is not being reported on the child's credit it could be that the bank that financed it only reports on the main holders credit. You can find that out by calling your financing company's customer service line. Sometimes you can simply request that they report it if they are not already, but most of the time they will not start if they have not been previously. You can not transfer credit from one person to another. If they have not been receiving credit for it while the car was being paid for they will never be able to. That just isn't how it works. Sorry.
Can transfer of property be a part of child support?
It may be used to reduce the child support amount, but support is a monthly obligation for the ongoing support of the child, and property only lasts short term. A year down the road she could go on welfare and they will than raise it.
Why shouldn't real estate be put in a child's name?
The main reason is that once the property is transferred to the child it becomes their property. That complicates the title since the child cannot execute a deed to transfer the property out of their name. If the property needs to be sold the court would require the appointment of a guardian who would need to petition for a license to sell the property. The court would review the reason for the sale and make certain the selling price is in the best interest of the child. If the license is granted the proceeds of the sale would be placed in trust for the child.
How can you avoid negative tax ramifications for the transfer of the title and loan of a property from parent to a child in California for a property that was purchased 4 years ago?
You need to file a Propositon 58 with the Assessor's office. This is an exclusion for reassessment when the transfer of the real property is between parent and child. To get the full exclusion you must file within 3 years of the tranfer/recoradation, otherwise the exclusion would begin with the current fiscal year.
Can an executor sign over a car title to another a 22 year old child in pa?
One of the responsibilities of the executor is to transfer property. They have the ability to transfer title. The actual distribution is dependent on the will or the laws.
How do you place a house you inherited in Texas in your name if you are the only child and there is no will?
Open an estate. Ask the court to appoint you executor. Once you have the letter of appointment, transfer the property to yourself. The court will approve the transfer and you're done.
What are the pros and cons of having an adult child added to your deed on property that has a mortgage?
The advantage is that a joint tenancy would avoid the need for probate. However, there are many factors for both sides to consider. First, there is a due on transfer clause in the mortgage. That means the lender can demand payment in full if there is any change in ownership. You must discuss the contemplated transfer with your lender and request a waiver, in writing, of the due on transfer provision. The lender may want to add the child's name as a mortgagor. The property would become vulnerable to any creditors of your adult child. If they should experience economic difficulties, trouble paying their credit card debt or medical debt, income or business tax delinquencies, etc., the property could become subject to attachments by creditors. If the co-owner found themselves on the losing end of a court case for damages in a car accident the property would be vulnerable to any lien for damages. If the parent defaults on the mortgage or taxes it may affect the adult child's credit record. You should consult an attorney who could review your situation and discuss the pros and cons in more detail and under your state laws.
Does parent to child transfer of all funds and property entitle free state nursing home aid after five years since the transfer of all funds and property?
Without researching the laws of all 50 states, I BELIEVEthat five years satisfies most (if not all) the requirements for this maneuver.
Can you add a child's name to a deed?
Children usually acquire an interest only by inheritance.You can execute a deed that transfers your property to your minor child, however, it's not a good idea. Adding a child's name would actually complicate the title to the property and could result in legal costs down the road. A problem would arise if the property must be sold or if you decide to take the child's name "off" the property. At that time you will encounter legal difficulties.Generally, if the property must be sold, a guardian would have to be appointed by a court to sell the property for the minor. Remember that the property will be considered the child's property. The guardian will need to obtain a licensefrom the court. The court will require the appointment of a 'guardian ad litem' who would need to review the proposed sale and report back to the court whether it is in the best interest of the child. All those appointees would need to be paid for their services. There would be court costs and attorney's fees if you need to hire an attorney. After the sale, the court would require that the proceeds be supervised on behalf of the child until they reach the age of eighteen.In some states, a child can refuse the property when she comes of age and the conveyance could be voided. That might cause other problems.If nothing will be done with the property until the child becomes an adult, and it's a friendly conveyance (not one carried out to defraud or to purposely encumber the title), then there is no prohibition against it in Massachusetts. However, if the conveyance is done to avoid creditors the court can void the conveyance and the creditors can seize the property.There is one more factor to consider. Once the child becomes eighteen, they will be able to manage the property on their own and the relationship may not be so friendly. They may refuse to convey the property back unless they receive compensation. Also, the property will become vulnerable to their creditors.
Can you buy a car with a child support lien?
Your question isn't clear so here are alternative answers: A lien on any property, including a motor vehicle, must be satisfied before that property can be transferred. States routinely report child support arrearages to credit agencies. Typically, such arrearages lower one's credit rating, which can effect one's ability to get a car loan.
Will your credit score affect your child credit score?
No, not unless you fraudulently use your child's identity in obtaining credit in their name.
