Florida Asset Protection Law Blog

Are Section 423 Employee Stock Purchase Plans Protected from Creditors?

Suppose an employee has a stock purchase plan with his employer under IRS Code 423. The employer’s stock is publically traded. The plan gives the employee the option to receive stock in the employer company at a discount to the then-current market value. The value of the discounted stock is…

Common Mistakes When Opening Tenants By Entireties Bank Accounts

Tenants by entireties bank accounts can be tricky. Florida law provides that a joint marital bank account is presumed to be an exempt tenancy by entireties account unless there is contrary evidence. The issue is what constitutes contrary evidence sufficient to overcome the legal presumption and make the bank account…

Using a Spousal Limited Access Trust (SLAT) in Florida

A spousal limited access trust, or SLAT, is a Florida estate planning device that provides asset protection without the loss of protection of tenancy by entireties assets upon the non-debtor spouse’s death. Florida law exempts assets owned by married couples as tenants by entireties from execution of judgments against either…

Federal Agency Pierces Florida Homestead Exemption

Florida’s constitutional homestead protection is considered one of the best asset protection tools because of its unlimited exemption of homestead value from forced sale. Additionally, all real estate, including the homestead, can have additional protection from the creditors of either spouse if the home is owned by both spouses jointly…

Can Russian Oligarchs Protect Florida Homes from Federal Seizure by Using Homestead Law?

Many Russian oligarchs own homes in Florida. Even Vladimir Putin himself this week called out Russians “who have a villa in Miami or the French Riviera.” A reporter called me this week and asked if Florida’s constitutional homestead protection could allow Russian oligarchs who own property in Florida to evade…

Can a Car Owner Be Sued for Another Driver’s Accident?

In Florida, the owner of a vehicle can be held liable for a car accident caused by someone else driving their car. However, the liability is limited to $100,000 per person for bodily injury, but up to $600,000 if the driver is insured for less than $500,000. The legal basis…

Can Child Support Be Taken from a Bank Account by a Judgment Creditor?

Suppose a person is subject to a relatively small money judgment owed to a credit card company. In this example, the judgment debtor receives monthly child support payments from her ex-husband. She accumulates the child support money in a separate bank account. She wants to know whether the deposited child…