A small estate affidavit in Florida is a step in a summary administration, which allows for the distribution of a deceased person’s assets without the need for probate court. This process is typically used when the deceased person’s estate is valued at less than $75,000 and they did not have…
In Florida, all drivers are required to carry auto insurance. The insurance must include personal injury protection (PIP) coverage and property damage liability (PDL) coverage. PIP coverage covers bodily injuries and medical bills, while PDL coverage compensates for damages caused to another person’s property, including their vehicle. When a car…
Clients often want to know whether they can still do asset protection planning after a judgment is entered against them. The answer is yes in many cases. As an example, suppose an elderly lady had guaranteed her son’s business loan which the son could not repay when the business failed….
I got a call from a Florida businessman who owned a business in Jacksonville which had been sued. The court awarded a judgment against the business, but there is no judgment against the owner personally. The owner is considering closing down the debtor business and starting a new company doing similar…
I’ve noticed that asset protection clients often forget to consider the protection of leases. People typically do not think of a lease as an asset because the lease represents a monthly payment and a large liability. Yet, a lease is also an asset because it gives your right to use…
Divorce leads to a great number of changes in a person’s life. One of the changes is the couple’s individual estate plans. Divorced spouses often are concerned that their existing will or living trust has to be rewritten after divorce. Concerns About Divorce Most married couples have a living trust…
Tenants by entireties and retirement accounts are popular and effective asset classes that are exempt from creditors under Florida law. In both cases, married individuals have an interest in each other’s assets, either as co-owners or as a beneficiary. The termination of the marriage can affect the protection that these…
Trusts have many purposes, including avoiding probate, reducing estate taxation, or protecting assets from creditor risk. The type of trust and the terms of trust depend on the priority of various planning goals. When it comes to estate planning, trusts can be a powerful tool for protecting your assets and…
An entrepreneur builds a profitable business with many years of hard work, long hours, and some luck. Dreaming of an exit and comfortable retirement, he makes the business available for sale. A larger company makes a generous purchase offer above the full asking price. The entrepreneur, surprised by his good fortune,…
Many people moving to Florida have previously made a will or created a living trust. Is their existing will or trust valid in Florida? Should they make a new will or amend their living trust? Florida law recognizes and enforces existing wills and living trusts executed in another state. Florida…
