Suppose a person is moving to Florida from New York and asks how he can protect his successful business as part of an asset protection plan. The business grosses over $3 million in annual revenue. The business is a single-member LLC. The person is not married. He has two adult…
Joint ownership of property describes two or more people who own real or personal property together. There are three types of joint ownership in Florida: Each type of joint ownership has different legal consequences for estate planning and asset protection. Tenants in Common The term “tenants in common” means two or…
What Happens to an LLC When a Member Dies? Upon the death of a member of an LLC in Florida, the handling of the deceased member’s interest will largely depend on the terms set out in the operating agreement of the LLC, if one exists. An LLC operating agreement is…
An offshore trust is an irrevocable trust formed under the laws of a foreign country to protect assets from U.S. creditors. Offshore trusts are considered the premier asset protection tool, making it very difficult for a U.S. creditor to collect. The Cook Islands is the best offshore trust jurisdiction for…
Garnishing or levying a bank account is one of the most effective means for a judgment creditor to satisfy an outstanding judgment. However, to do this, the creditor must first find out where the debtor banks. A common misconception is that you can hide where you bank from a judgment…
When an insurance claim is made against you, it typically means that someone believes you are responsible for causing them harm or damage and wants your insurance company to compensate them. Most often, this occurs if you’ve caused a car accident or if someone is injured on your property. Here’s…
For most people, the most valuable asset they own is their home. Particularly in the last few years, the rising values of real property have led to homeowners having hundreds of thousands of dollars in home equity. If someone sues you, whether they can take your house depends on the…
People facing a civil judgment often try to protect non-exempt cash by investing it in a Florida homestead. Some debtors seek advantage of the unlimited value of Florida’s Constitutional homestead exemption by buying a new, expensive parcel of raw land and immediately converting the new property to a protected homestead….
The Florida Constitution protects a person’s homestead from forced levy or sale by judgment creditors. The protection applies if the home is occupied by either the judgment debtor or the debtor’s family. In other words, a judgment debtor can exempt from forced sale any residence in Florida in which a…
If a business is facing financial difficulty, the business owner is usually concerned about what will happen to the business assets and their personal assets if the business can’t pay its lenders. The inability to service business debts likely will cause a default under the terms of the business debt…
