Protecting a house as a O/O

Discussion in 'Trucker Taxes and Truck Financing' started by RunningAces, May 9, 2020.

  1. RunningAces

    RunningAces Light Load Member

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    I will be an O/O by the end of the year and am wondering how to protect personal assets in the worst case scenario of an accident. I'm married with children, live in TN, and have a paid off home. I've read here numerous times that llc won't protect you because the veil is easy to pierce and/or you'll also be sued as the driver. Also TN homestead laws are poor and won't protect much either. I am thinking about talking to an attorney about putting the house in a trust as an option but would like other ideas or opinions before I start paying a lawyer consultation fees.
     
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  3. Brandt

    Brandt Road Train Member

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    It probably not as easy as you might think. Otherwise everyone would do the same thing. You would have to give up control of your house. It probably more easy just to buy more insurance or move to a different state that your house is always safe from creditors. Florida does something like that.
     
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  4. Wespipes

    Wespipes Heavy Load Member

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    No matter what you do its going to be hard to fully protect your personal assets as a small business. The larger you get the easier it'll be but it'd less of a worry too as you'll be big enough to absorb and large lawsuits. Your best bet would be to setup a full corporation. If youre gonna go this route I'd consulate a corporate lawyer to setup the business. Don't rely in the internet quick business setups.

    But its really not needed. Just drive safe. Get a camera system on your truck. You can also get gen liability on your insurance as well, its pretty cheap. I have a 2 million gen liability policy added about $200 a year onto my premium
     
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  5. Rubber duck kw

    Rubber duck kw Road Train Member

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    How old are your kids? I'd see if putting it in a trust in your kids name would protect it. I'm guessing just straight signing it over to one of your kids wouldn't work unless they're at least late 20s. Definitely talk to actual professionals on this one.
     
  6. azheavyduty

    azheavyduty Light Load Member

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    Get an Umbrella policy. I pay less than $1000 per year for $10 million. Don't play games by putting you stuff in someone else's name. Deals like that always blow up.
     
  7. Ffx95

    Ffx95 Heavy Load Member

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    Put the house and sort under someone you REALLY TRUST. If the kids are grown and responsible transfer it to them or maybe mom or pop. Don’t ever do it with friends or distant family members.
     
  8. Rubber duck kw

    Rubber duck kw Road Train Member

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    There is no amount of insurance will stop a greedy lawyer, or judge and jury looking to make an example out of you, just saying.
     
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  9. Ffx95

    Ffx95 Heavy Load Member

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    And insurance companies don’t just pay out they fight tooth and nail to pay as little as they can.
     
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  10. Sirscrapntruckalot

    Sirscrapntruckalot Road Train Member

    That right there that I quoted is the best advice your going to get.

    Get with a lawyer who specializes in such things.

    I got a lot of respect for the folks here, an I know many probably did things before driving, but for this kind of thing I'd suggest a professional who is going to know the ins an outs to your situation. It's not a one size fits all kind of question in my mind.

    Just like taxes, write-offs, etc etc etc. What works for one may not work or be the best option for another. Like snowflakes...we're all unique. ;)

    Yes, I just called all of us snowflakes, but the good kind. Not the over sensitive, mocked endlessly, good for a laugh, temper tantrum throwing kind that get upset if you disagree that it is only a light tain, an not a monsoon. I love it when I can use tain outside the snow thread...

    Good luck, and let us know how it works out for you.

    Sirscrapntruckalot - I saw a lot of people on the beach with masks. An you thought racoon eyes were funny on sun bathers. Wait til you see half tanned faces. Ha!
     
  11. ZVar

    ZVar Road Train Member

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    Trying to hide assets is illegal in and of it's self. There really is no good way to protect personal property, as it's typical for the company and driver to both be named in any lawsuit, so even if the company dissolves the driver still will have to pay his portion of any judgement.

    But as stated earlier a CPA along side a lawyer that specializes in personal property would be the only way to go.
     
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