Florida Asset Protection Law Blog

Court Says a Temporary Trailer Qualifies for Homestead Protection

Court Says a Temporary Trailer Qualifies for Homestead Protection

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….

Garnishment of Secured Debt

Garnishment of Secured Debt

Suppose a hypothetical client asked a question regarding a judgment creditor’s writ of garnishment of accounts receivable. The client was a medical provider with substantial receivables owed by medical insurance companies. The client has previously arranged a line of credit from a national bank. The bank secured repayment with a…

Homestead Protection Can Apply When Family Member Lives in the Home

Homestead Protection Can Apply When Family Member Lives in the Home

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…

How To Protect Your Assets If You Cannot Pay a Business Debt

How To Protect Your Assets If You Cannot Pay a Business Debt

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…

Customer Agreement Can Prevent Tenants by Entireties Ownership for Bank Account

Customer Agreement Can Prevent Tenants by Entireties Ownership for Bank Account

Bank accounts owned by a married couple are protected from the creditors of either spouse if the account is owned as tenants by the entireties. When a married couple opens a new bank account, they can choose (usually on their signature card) how they want to title the account. Some…

Using a Spousal Limited Access Trust (SLAT) for Asset Protection

Using a Spousal Limited Access Trust (SLAT) for Asset Protection

In Florida, a spousal limited access trust, or SLAT, is an estate planning device that provides asset protection. This type of trust has advantages over the more common asset protection tool of tenancy by entireties ownership. Florida law exempts assets owned by married couples as tenants by entireties from execution of judgments against either spouse individually….