Florida Asset Protection Law Blog

|

Are Employee Benefits Subject To Wage Garnishment?

A client wanted to know if his employee benefits would be subject to garnishment. Most judgment debtors do not qualify for a head of household exemption from continuing garnishment of salary and wages provided by Florida Statutes. This particular client asked about whether certain forms of compensation from his employer…

Does Tenants by Entireties Survive Pay on Death Designation?

Opening a tenants by entireties account at a financial institution can be complicated as there are many legal pitfalls on the path to a protected entireties account. The court in one bankruptcy case (In re Givans) held that conveying an entireties bank account to a joint revocable living trust forfeits…

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…