Lost Job from Coronavirus in Florida—What to Do First

People are losing their jobs in Florida from the coronavirus pandemic. The COVID-19 coronavirus has already devastated the Florida economy. The entire tourist and convention industry is effectively shut down, and the restaurant industry is almost shut down too. Because these businesses cannot afford to pay their everyday employees many Florida employees will lose their …

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Force Majeure Clause Under the Coronavirus Epidemic in Florida

The coronavirus (COVID-19) pandemic has already caused financial hardship to small businesses, business owners, and unemployed individuals across Florida. Many individuals are concerned about their ability to pay financial obligations such as credit card bills, mortgage payments, and bank loans. Does the unforeseeability of the coronavirus outbreak allow you to use a force majeure clause …

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Coronavirus Effect on Economy Could Increase Need for Asset Protection

The outbreak of the COVID-19 coronavirus is just beginning, but already it looks like it will substantially damper the Florida economy. Businesses are closing to the public, people are staying home, service and tourist industry employees are being laid off or are having their hours reduced without pay. And health experts warn that the worst …

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Moving To Florida With Community Property

I’ve seen recently several clients who are interested in moving to Florida from community property states including California and Arizona. I recently published a post about the status of a non-debtor spouse’s LLC interest that the couple acquired in Texas before moving to Florida. Other clients have asked about other types of community property assets …

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Using a Foreign State’s Domestic Asset Protection Trust Law in Florida

Some states, not Florida, have statutes that encourage asset protection trusts. These states’ statutes provide that if a debtor establishes an irrevocable trusts for their own benefit the assets that the debtor conveys to his trust are protected from his creditors. The trustmaker must reside or have significant assets in the state where the trust …

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Will Asset Protection Trusts Protect Assets From Medicaid Agencies?

There are several types of trusts that are useful asset protection tools.  Asset protection trusts include irrevocable trusts with spendthrift provisions, offshore trusts, and domestic asset protection trusts available in some states (other than Florida).   I have been asked from time to time whether an asset protection trust will protect assets from being considered …

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Are Improper Medicaid Transfers A Form of Fraudulent Transfer?

Many  people who realize that their parents  may  need of long term nursing home care will consider whether their parents will qualify for Medicaid assistance. Medicaid benefits are available for people with minimal assets: only applicants with less than approximately $2,000 total assets qualify for Medicaid nursing home assistance. Clients frequently ask me if their …

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Medicaid and the Florida Homestead Exemption

The Florida homestead exemption is Florida’s best known asset protection law. The exemption becomes more complicated, and more limiting, when it interacts with certain provisions of federal law. One example is federal tax law pursuant to which the IRS may place a lien on a taxpayer’s homestead to collect taxes. Another lesser-known change to Florida …

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Business Owner’s Personal Liability For Business’s Violation of Import and Custom Rules

U.S. government creditors is more difficult because there are several federal laws that provide the government stronger collection remedies or laws that make it easier for the government to hold business owners liable for debts or transgressions of their business entities. An example is a client this month who was facing personal liability for customs …

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