We regularly post articles about recent developments in Florida law. We also address common questions and provide examples of effective asset protection strategies.
We have been publishing legal articles on our site for over twenty years, making it one of the oldest legal blogs in the country.
Both Cook Islands Trusts and Nevis Trusts are among the most popular offshore trust options. They offer strong legal frameworks that protect assets from creditors and lawsuits. However, deciding which jurisdiction is the best fit…
The cost to establish a Cook Islands trust generally ranges between $10,000 to $25,000 for initial setup, with ongoing annual fees typically between $3,500 to $6,000 for trustee services and legal maintenance. The exact amount…
To add a name to a deed in Florida, you must choose the type of ownership, prepare the new deed, sign and notarize the new deed, and record the deed in the county records. Here’s…
Lawsuits are designed to resolve genuine disputes and ensure fairness. However, not every case that makes its way into court has merit. Some lawsuits are widely viewed as frivolous—cases filed with little or no legal…
An asset protection trust is either a domestic irrevocable trust or an offshore trust. They have different costs depending on the type of trust. Initial Setup Costs The main expense is the cost of establishing…
A trust attorney drafts your trust, prepares your will and related documents, and helps you make informed choices with your overall estate plan. Drafting and Structuring Trust Documents One of the primary responsibilities of a…
While trusts are one of the most effective tools for estate planning, they have some disadvantages too. The main disadvantages of a trust are its cost, maintenance responsibilities, lack of control of irrevocable trusts, and…
If you are married and only one spouse has been sued, you cannot move the assets from one spouse to another in order to protect them. Such a transfer is considered a fraudulent conveyance. However,…
Joint tenants with rights of survivorship, or JTWROS, is a description of asset ownership. The term describes one way that two people may own an asset together. Joint tenancy with the right of survivorship applies…
Many clients ask us whether they should create a new business as a Subchapter S Corporation or as a Limited Liability Company. How you organize a new business has both tax consequences and asset protection…
A spendthrift clause is a special trust provision that protects trust assets from a beneficiary’s creditors. It also prevents a beneficiary from using trust assets as collateral for a loan. When a trust has a…
A Cook Islands trust and a Nevis LLCs are both effective offshore asset protection tools. The entities and their clients’ assets are beyond the jurisdiction of U.S. courts. Creditors cannot use Florida court collection tools…
A fraudulent transfer is a transfer of an asset (1) done with the intent to hinder or delay collection by a creditor or (2) that makes the debtor insolvent without receiving reasonably equivalent value. Fraudulent…
Offshore trusts are most effective when your assets are transported from the United States to a trustee situated in a foreign country. The trust and the trustee are beyond U.S. court jurisdiction. We typically recommend…
What Is a Bridge Trust? A bridge trust is a type of irrevocable trust used in offshore asset protection planning. It combines the features of domestic and offshore trusts. This means it starts as a…
This interesting question was the subject of a Pennsylvania bankruptcy case. Pennsylvania law recognizes tenants by entireties exemption, and Pennsylvania law prohibits wage garnishments. A married debtor filed Chapter 7 bankruptcy individually. For most of…
Over many years we have seen some of our clients make mistakes in asset protection planning. Here are the most common ones:
Summary If your child causes a car accident in Florida, you may be exposed to civil liability for the child’s negligence. A money judgment could be entered against you for the victim’s injury even if…
What Is a Notice of Trust? A notice of trust is a legal document filed with the court in Florida that informs the public and potential creditors that a trust has been established for a…
Why Do People Want to Hide Money? We occasionally receive requests from clients who want to hide assets from their husband or wife. Most of these clients want to hide money from their spouse for…
Quick answer: a domesticated judgment is enforceable for 20 years after the date of the original judgment. What Is a Domesticated Judgment? A creditor who obtains a money judgment against you in a foreign state…
Florida law allows you to protect unexempt assets at any time by purchasing a Florida homestead. A key feature of Florida homestead law is the homestead’s exemption from fraudulent conversion claims brought under Florida’s fraudulent conversion statute….
A non-owner spouse does have a legal interest in their Florida homestead property. A couple can arrange to have only one of two spouses own the couple’s homestead property. A married person can maintain a legal…
A homestead under construction is not protected from creditors. Your property is not exempt under Florida Homestead law just because you intend to occupy the property sometime in the future. Property reserved for a future…
Can a condominium qualify as Florida homestead in an action to terminate a condominium association even if you don’t live there? Under a Florida condominium statute, section 718.117, an owner who resides in a condo…
The answer is yes. When you prepay taxes to the IRS or make an excessive tax payment, a judgment creditor has no method to get the money back. A judgment creditor cannot garnish the IRS…
When it comes to safeguarding your home from creditors, Florida’s homestead exemption provides one of the strongest protections in the United States. However, many homeowners wonder about the extent of this protection, especially concerning federal…
The Kelley’s Homestead Paradigm is a flowchart created by attorney Rohan Kelley. It shows what happens to a Florida homestead property once the owner dies. The paradigm includes six primary questions and then outlines what…
Florida law provides judgment creditors numerous means to find information about a debtor’s income and assets. Discovery in aid of execution in Florida refers to the legal process by which a judgment creditor finds (discovers) debtor assets…
Florida homestead law does apply to mobile homes. They are not protected under the Florida Constitution, but they are protected under section 222.05 of the Florida Statutes. The statute provides that mobile homeowners and occupants…
What Is a Single-Purpose LLC? A single-purpose LLC is a limited liability company that owns a single asset. Most often, single-purpose LLCs hold a particular real property or they own certain intellectual property such as…
Sometimes clients ask me about loan contracts they may have signed many years ago. These contracts often have a section or paragraph that states the borrower waives all of the statutory exemptions, including their homestead…
A Florida dynasty trust is an estate planning trust that provides estate tax savings and asset protection throughout multiple generations. As with any Florida trust arrangement, a dynasty trust is a contract between a trustmaker,…
A Florida trust has more estate planning benefits compared to a will. The most well-known benefits are avoidance of guardianship and avoidance of probate. With a living trust, you convey title and ownership of your…
Many of our estate planning clients own S-Corps. A living trust may have adverse income tax consequences for owners of a small business taxed as a Subchapter S corporation (S-Corp) unless the trust agreement is…
A living trust does not completely avoid estate taxes, but it can help reduce them. Assets in a living trust are still considered part of your estate for tax purposes. Certain types of trusts can…
What Is a Joint Living Trust? A joint living trust is a trust agreement that incorporates the testamentary wishes of both spouses in a single document. The joint living trust agreement provides terms and conditions for…
A living trust does not protect your assets from a lawsuit. A living trust is a “self-settled” trust, which means the person who creates and funds the trust is also a trust beneficiary. Florida law states that…
The Small Business Administration (SBA) has specific procedures for debt collection when a borrower defaults on an SBA loan. When a borrower defaults on an SBA loan, the lender typically sends a notice of default….
A judgment lien is a legal mechanism where a creditor secures their ability to collect against a given piece of property. With a Florida judgment lien, a creditor can encumber your property, including real estate,…