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Richardson TX- Why Every Parent Should File a Lien against their child
As a parent, today’s topic may sound a bit crazy to you, but it can be a critical tool for protection for taxpayers who end up with IRS problems. In particular, it could impact those adult taxpayers that have received loans from parents or spouses to purchase a business or some other asset. Many parents can’t imagine filing a lien against their child, thinking, I trust my child, but even if they didn’t pay me back, I would never consider taking their assets, and I don’t want them to think that I don’t trust them. Considering that, why would I ever make such a suggestion?
 
Here’s why. Each week, our Richardson, Texas Firm, has taxpayers come into our office with tax debt. If the IRS has a lien against the taxpayer or business, it has rights to the assets, except those in which another lender has a priority claim. That’s the case even if that lender is a family member. If the family member has a legitimate priority claim to the asset(s), it could keep those assets out of the IRS’s hands. Below is an example.
 
Let’s say that I have a client named Bob, that owns a business, and that business ... more

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