Will They Take my boy's truck?

[jaycee85501]

My boy has saved up is money since he was young. he has always put money away from his birthday's, christmas or where he got money he saved. now that he turned 16 he bought his truck with that money $4,200. when he got it we put the truck in mine and his name. could they take this truck? can i put this truck in his mothers name? my new wife and I are thinking of filing but not any time soon. not sure what to do.

thanks for your help.
we live in Az

[Overmylimit]

I am sort of in the same situation, my in laws bought my two oldest Daughters new cars in 2006 (I know I wish I could do that!) it was very nice of them. They put the cars in my name also since I was the one providing insurance for them. I talked with the Lawyer and explained, he said to KBB the values for the cars and he would list that I was just on title only and I had no interest in the vehicles. Hopefully it will be fine, I could even get the cancelled check that was used to purchase if I had to. Can you prove that the funds came from your Boy? Were they kept in a Bank account in his name?

[jaycee85501]

Yes. he has a savings account that he deposited the money into. but again he is listed first on the account.

[Flamingo]

In instances such as this you need to speak with your lawyer. You are dealing with minors whom you claim as dependents and are part of your household and items that are/could be assets. The vehicles are registered at your address and with your names involved as to titles/insurance, it would not look to good to transfer assets prior to filing. You may be asked if you transferred title to any assets for one year prior to filing as we were asked.

[Overmylimit]

Flamingo is right you should call your Lawyer soon about this, my kids are over 18 and are away at school so its a little different situation.