Fraudulent Transfers Can Diminish Homestead Protection

Existing Laws on Florida Homestead Protection and Fraudulent Conveyance It is well-settled Florida law that the purchase or improvement of a Florida homestead cannot be set aside as a fraudulent conveyance. The Florida Supreme Court in Havoco v. Hill said that a creditor cannot reverse a judgment debtor’s payments made toward a homestead property even …

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Is a Single Member LLC in Florida Protected from Creditors?

Florida has enacted a statute specifically dealing with single member limited liability companies. The statute authorizes single member LLCs. The statute includes creditor remedies to collect a judgment from a debtor’s membership interest in the debtor’s single member LLC. Generally, a judgment creditor’s sole remedy against multi-member LLCs is limited to a charging order. The …

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August 2020 Asset Protection Case Law Update

This case law update concerns transfers of exempt property after filing bankruptcy, the statute of limitations for fraudulent conveyance, and proper wage garnishment jurisdiction. Bankruptcy Debtors Can Sell or Transfer Exempt Property After Filing Date In re: Hampton, 2020 WL 3969247 (Bankr. S.D. Fla. 2020). Summary A bankruptcy court confirmed that bankruptcy exemptions are determined …

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Can a Judgement Against You Affect Your Spouse in Florida?

Florida is a “separate liability state” and a “separate property state.” Separate liability means that each spouse may contract individually with a creditor and incur separate debts, or both spouses may jointly execute a debt contract to pay debts such as a mortgage loan or credit card. One spouse is not liable for the debts …

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Garnishment of a Joint Account When Funds Belong to Non-Debtor Owner

Under tenants by entireties law, a joint account between married couples is protected from garnishment resulting from a separate judgment against just one of the spouses. But what if the joint account is not tenants by entireties? Or, what if the account is jointly owned between unmarried family members (such as parent and child)? When …

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How to Protect Proceeds of Homestead Sale in Florida

Florida’s homestead exemption has been interpreted to provide protection not only for the physical homestead property, but also for both the cash and non-cash proceeds from a voluntary sale of the homestead as well. A financial account comprised of homestead sale proceed has often been described as a “homestead account.” Many clients have heard of …

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Hungarian Offshore Trust

For many years the Cayman Islands and Cook Islands were the “go-to” jurisdictions for creation of an offshore trust for clients needing to protect assets outside of the United States. However, recently the Cayman Islands changed their laws making it a relatively unattractive location to set up an offshore trust. In contrast, a few years …

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Should Cars Be Owned Jointly in Florida?

The general mantra for married couples in Florida is “joint assets, separate liabilities.” Owning assets jointly takes advantage of tenants by entireties protection against either spouse’s separate debt. But does that mantra extend to a couple’s vehiciles? Generally no. Unlike most personal property, vehicles are a common source of joint liability. In Florida, a person …

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