Michael Jacobs
07-08-2003, 08:16 AM
dejadesign@msn.com (peter) wrote in message
news:<a2abgvg22vuqf50k9p5m4p4b4lp20hdqjk@4ax.com>... Hello: My mother died 11 months ago and we have an estate worth approx. 2 million. We have no cash so I and my siblings are arranging to purchase one of our properties to pay the taxes and, hopfully, settle an auto lawsuit that was pending against my mother upon her death.
If you have "no cash" what would you buy the land with?
If you _do_ buy the land, it will probably be safe from attachment to
pay your mother's debts, BUT, the cash you pay for it with will belong
to her estate and be, frankly, much EASIER for the creditors to glom
on to (you will have saved them the trouble of converting it to cash
by a sheriff's sale).
Her insurance co. is offering the plaintif $50,000. He's suing the estate for 1 million. The case is being investigated, no trial date is set. There appears to be some basis for the claim.
If the claim is for more than your mom's insurance coverage, you (i.e.
her estate) has a right to your own independently selected counsel in
the pending suit. In some states, the ins. co. has to pay for that
separate atty, in addition to the primary defense atty they hired for
you, who is often an employee of the ins. co. Your indept. atty will
try to pressure the ins. co. to settle within your mom's policy
limits. Often, the plaintiff accepts that, but in your case, there
appear to be substantial assets to pay an excess verdict, so they may
not be so motivated to settle cheap, unless $50k really _is_ all the
injury is worth. Both your ins co atty and your indept atty should
be able to advise you on what they feel the claim is really worth;
even if it's a valid claim it's probably not a $2m claim unless some b
My question is, if my siblings and I purchase one of these properties, is it safe from any possible suit? Our purchase will produce a $250,000 contingency fund for the suit, held by the estate executor. If this is viable are there any other ways to get assets out of the estate now that my mother has died? Thanks for any help or direction.
--
This posting is for discussion purposes, not professional advice.
Anything you post on this Newsgroup is public information.
I am not your lawyer, and you are not my client in any specific legal
matter.
For confidential professional advice, consult a lawyer in a private
communication.
Mike Jacobs
LAW OFFICE OF W. MICHAEL JACOBS
10440 Little Patuxent Pkwy #300
Columbia, MD 21044
(tel) 410-740-5685 (fax) 410-740-4300
news:<a2abgvg22vuqf50k9p5m4p4b4lp20hdqjk@4ax.com>... Hello: My mother died 11 months ago and we have an estate worth approx. 2 million. We have no cash so I and my siblings are arranging to purchase one of our properties to pay the taxes and, hopfully, settle an auto lawsuit that was pending against my mother upon her death.
If you have "no cash" what would you buy the land with?
If you _do_ buy the land, it will probably be safe from attachment to
pay your mother's debts, BUT, the cash you pay for it with will belong
to her estate and be, frankly, much EASIER for the creditors to glom
on to (you will have saved them the trouble of converting it to cash
by a sheriff's sale).
Her insurance co. is offering the plaintif $50,000. He's suing the estate for 1 million. The case is being investigated, no trial date is set. There appears to be some basis for the claim.
If the claim is for more than your mom's insurance coverage, you (i.e.
her estate) has a right to your own independently selected counsel in
the pending suit. In some states, the ins. co. has to pay for that
separate atty, in addition to the primary defense atty they hired for
you, who is often an employee of the ins. co. Your indept. atty will
try to pressure the ins. co. to settle within your mom's policy
limits. Often, the plaintiff accepts that, but in your case, there
appear to be substantial assets to pay an excess verdict, so they may
not be so motivated to settle cheap, unless $50k really _is_ all the
injury is worth. Both your ins co atty and your indept atty should
be able to advise you on what they feel the claim is really worth;
even if it's a valid claim it's probably not a $2m claim unless some b
My question is, if my siblings and I purchase one of these properties, is it safe from any possible suit? Our purchase will produce a $250,000 contingency fund for the suit, held by the estate executor. If this is viable are there any other ways to get assets out of the estate now that my mother has died? Thanks for any help or direction.
--
This posting is for discussion purposes, not professional advice.
Anything you post on this Newsgroup is public information.
I am not your lawyer, and you are not my client in any specific legal
matter.
For confidential professional advice, consult a lawyer in a private
communication.
Mike Jacobs
LAW OFFICE OF W. MICHAEL JACOBS
10440 Little Patuxent Pkwy #300
Columbia, MD 21044
(tel) 410-740-5685 (fax) 410-740-4300
