I'm not being sued, not do I anticipate, but have a few general questions in the unlikely event I were to be sued.
1. If I place my home and cash assets into my childs name, BEFORE, I am served or considered for a suit, can those assets still be taken by the plantif, assuming they win?
2. Same scenario if it happens AFTER you are served, but BEFORE a decision?
3. What is the very best way to protect your home and cash from litigation?
4. If you are sued and loose, can the plantif take you home and or home's equity?
Since everyone sues everyone today, this is a very relevant question.
I know with things like elderly people going on to Medicaid they will look back at least two years on such transactions and can "claw back" the transfers if they believe it is done to hide or protect assets that otherwise would have been considered.
And realize that if you put a house in to someone else's name they own it, you don't, and they don't have to give it back.
With a minor child, it would be doubtful it would be protected since it was still under your control. The only sure way would be to put it in to a trust.
One similar example is with the Madoff Ponzi scheme. They are looking at a "claw back" on any money withdrawn over the last few years and may make people pay it back to be distributed evenly.
Best way to protect your assets is with an Umbrella Insurance policy to cover very large liabilities. Those policies are not very expensive since they are rarely used. Talk to your insurance agent.
But the law is very aware of all attempts to hide assets to protect them against legal action.
And there is a legal and law board here where you might get a more knowledgeable answer than this "not a lawyer", me.