Exemptions

Are Withdrawals from Retirement Accounts Protected from Creditors?

Most withdrawals or distributions from retirement accounts can be protected even after being deposited into a bank account. The protection is dependent on state law and proper asset protection design. IRA, Pension and 401k Retirement Plans Retirement accounts are generally protected from creditors under Florida law. Florida statute 222.21 protects IRAs, 401k plans,…

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Can an Independent Contractor With 1099 Claim Head of Household Wage Garnishment Exemption?

A client wanted to know whether his commissions would be exempt from garnishment as head of household income even though the commissions were paid on a 1099 and the client was considered an independent contractor. What is the Head of Household Exemption? Florida Statute 222.11 exempts from garnishment any earnings…

Lender Foreclose Mortgage On Homestead When One Of Spouses Did Not Sign The Mortgage?

A married couple came to see me about a foreclosure on their homestead. The man bought a Florida homestead where he lives with his wife. There is a judgment against the husband. He paid cash for the homestead in order to protect the purchase proceeds. The husband used his own…

Florida Exemption of Other States’ 529 College Plans

Client lives in California and has purchased a Virginia based 529 college savings.  His financial adviser told him that Virginia plans offer advantageous investment options. The client says that Virginia law provides that Virginia 529 plans are exempt from creditor claims. The clients asks about the protection of his Virginia…