Florida Asset Protection Law Blog

Gun Trust Ownership of Pistols with a Stabilizing Brace

Gun Trust Ownership of Pistols with a Stabilizing Brace

The Bureau of Alcohol, Firearms, and Explosives (“ATF”) issued a new rule (Rule 2021R-08F) addressing stabilizing braces used to convert pistols into short-barreled rifles, defined as a rifle having a barrel of fewer than 16 inches (“SBR”). The Rule regulates pistols that are made and intended to be fired from…

Are Withdrawals from Retirement Accounts Protected from Creditors?

Are Withdrawals from Retirement Accounts Protected from Creditors?

Most withdrawals or distributions from retirement accounts can be protected even after being deposited into a bank account. The protection is dependent on state law and proper asset protection design. IRA, Pension and 401k Retirement Plans Retirement accounts are generally protected from creditors under Florida law. Florida statute 222.21 protects IRAs, 401k plans,…

Reducing Self Employment Tax With LLC Taxed as Partnership
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Reducing Self Employment Tax With LLC Taxed as Partnership

Reduction of employment taxes is part of asset protection planning involving limited liability companies. An LLC may elect to be treated for income tax purposes as either a partnership or a Subchapter S corporation. Advisors typically suggest taxation as an S corporation in order to minimize the amount of LLC…