Purchase of Annuities Before Becoming Florida Residents

Two clients had the same question last week about purchasing annuities. Both client were planning to move to Florida from another state where judgments were about to be entered against them. They are interested in buying annuities which are exempt under Florida law. They want to know if their annuities would be exempt in Florida …

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Can IRA Be Sued For As A Recipient of a Fraudulent Transfer?

A new client invested in a ponzi scheme. He withdrew his investment, including a “profit” just before the ponzi scheme collapsed. The SEC appointed a receiver to go after investors who received profits as fraudulent transfers. Many courts have held that ponzi profits are fraudulent transfers that may be recovered to repay other investors. This …

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Asset Protection From Federal Criminal Restitution Judgments

The Department of Justice can seek money restitution from criminals that wrongfully obtain other people’s money. A client sought asset protection advice to protect assets against an already issued restitution order. Asset protection against federal criminal restitution is difficult but not impossible.

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 plan under California and Florida …

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Are Pension Deposits Protected From Federal Agency Creditor?

Do your Florida exemptions hold up when your judgment creditor is an agency of the U.S. government? One of my clients anticipates a judgment by the FDIC arising from his alleged violations of lending laws by a state bank the client previously owned and controlled.

Court Finds Self-Employed Debtor Cannot Exempt Wages As Head Of Houshold

Creditors cannot garnish wages paid to a person who is head of household. I have written previously about state court decisions which denied this exemption to debtors who were paid from a small business the debtor owned and controlled. State courts have made if it difficult for business owners to pay themselves exempt wages.

Not All Annuities Are Protected From Florida Judgments

Not all annuities owned by Florida residents are protected from their creditors. Protection does not depend upon the type of annuity or the issuer of the annuity, but asset protection does depend upon the state where the annuity was issued to the debtor.

Bankruptcy Court Denies Wage Exemption By Self-Employed Business Owner

Exempting wages from garnishment under Florida’s head of household exemption is difficult for self-employed debtors. Business owners of sub-S corporations typically compensate themselves as employees and as owners. The owner pays himself salary as well as profit distributions. Self-employed business owners limit salary in order to minimize employment taxation, and instead, pay themselves mostly through …

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