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Go Back   Law Forums at Onlypunjab.com > BANKRUPTCY AND CONSUMER CREDIT > Debt Collections

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  #1  
Old 04-13-2007, 05:02 PM
downdraft downdraft is offline
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Join Date: Apr 2007
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Default Transfer of Power tools to adult sons

Transfer of Power tools to adult sons

I want to transfer my shop power tools to my adult sons, primarily an asset protection move. The tools are table saws, routers, planers, small generators, etc, nothing earth shattering; however, should I be sued for some reason, and have a judgement, I want to be certain these tools are not vulnerable to a Sheriff, or whatever. I've made a list with each tool's description and serial number, one for each son. I wish to give them to my sons now, even though they would want me to store them here for a while.

Question: Now that I have the lists made out, etc, what do I do to make it legal (the collective value is under $3000 for each son)?

Thanks
downdraft
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  #2  
Old 04-13-2007, 05:04 PM
Eric Eric is offline
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Thank you downdraft for posting your queries.... legalexpert will be posting a response to your questions within 24 hours.
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  #3  
Old 04-14-2007, 05:39 AM
legalexpert legalexpert is offline
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Default Re: Transfer of Power tools to adult sons

Hi,
There is nothing to concern about. Simply, hand them over to your sons. Anyway, if you have any doubts in your mind, you can very well contact with a local lawyer for free consultation.
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