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You need to spinoff the other human being. That means it's your child. A bit insensitive IMHO. Not much more seriously how about selling your debts to a compan
by bestouff 3y ago
You need to spinoff the other human being. That means it's your child. A bit insensitive IMHO.
Not much more seriously how about selling your debts to a company you just create for the occasion ? Sounds much more "the Texan way" to me.
- dylan604 3y agoi have heard of people who earn no income. they formed a corporation that owns all of their property. the person does not have a job, but the corporation is hired. the corporation pays for everything. this seems like something that would allow for that kind protection from debt
- singleshot_ 3y agoTheoretically it stands to reason that the person might be able to avoid being personally liable for any debt. But it’s worth remembering that collecting a debt from an entity is often far less cumbersome than collecting against an individual. For example, the LLC has no homestead; none of a corporation’s profits are protected wages.
- reaperman 3y agoYes, unless something like the Texas Two-step divestment scheme is also available to that hypothetical entity. Then the entity which owes the debt would no longer be the one with the revenue/assets.
- singleshot_ 3y agoI truly wish I could get a good explanation from someone wise vis a vis why this wouldn’t just be a fraudulent transfer but yes, I hear what you are saying and it seems true, assuming you get over that hurdle (which everyone with sufficient lawyers seems to be able to do).
- ars 3y ago> That means it's your child. A bit insensitive IMHO. Other way around - give your child all your assets, then retain the liabilities and declare bankruptcy. Then hope your child is willing to support you long term, since you no longer have any assets. Also works with your wife.
- wnoise 3y agoYou can't just give your wife to your child!
- bestouff 3y agoNo but my wife gave birth to my children ! Aha who's laughing now ?
- shaftway 3y agoYou give all of your assets to your child, but only in a conservatorship that dissolves after your death. Then you don't have to hope the child is willing to support you.