Florida asset protection, estate planning, bankruptcy, and family law firm.

Banks Don’t Have to Help Customers Choose Correct Tenants By Entireties Account

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There are many instances of people who incorrectly believed they had established exempt joint marital bank accounts and later found out that the accounts were not properly protected from creditors. Well-established Florida law exempts tenant by entireties accounts at financial institutions from the creditors of either spouse, but not from joint creditors. Some people make …

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When Your Bank Does Not Offer Tenants By Entireties Accounts

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Florida law protecting tenants by entireties bank accounts from garnishment against one spouse is based mostly on the Florida Supreme Court decision in the Beal Bank case. Most attorneys, on the debtor and creditor sides, believe that case established the rule that marital joint accounts with rights of survivorship are presumed to be owned as …

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Entireties Protection of Accounts At National Banks

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People who are moving to Florida often want to examine the exemption of their previously acquired assets under Florida law. The status of previously opened joint bank accounts is particularly confusing for people relocating in Florida. Consider the common situation where prior to moving to Florida married couple open a joint bank account in their …

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Court Says Joint Tax Refund Is Tenants By Entireties Asset

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Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. …

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Joint Tax Refunds May Be Tenants By Entireties Property

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Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. …

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Garnishment of Florida Debtor’s Entireties Bank Account in Another State

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Tenants by entireties bank accounts are exempt under Florida law and cannot be garnished by a creditor of either spouse. However, entireties accounts of Florida residents are more difficult to enforce in courts outside of Florida. A creditor of one of our clients is attempted a creative way to garnish the client’s entireties account. The …

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Navigating Financial Account Applications To Create Tenants By Entireties Ownership

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The general rule is that married accounts with rights of survivorship are presumed to owned by married couples as tenants by entireties unless the couple has disclaimed entireties ownership on the account application or elsewhere. The most common disclaimer of entireties protection occurs when a debtor selects the incorrect ownership on a financial institution’s account …

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Bankruptcy Case Confirms Non-Resident’s Exemption of Tenants by Entireties Assets

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I’ve written in previous blog posts that a debtor does not have to be a Florida resident to claim tenants by entireties exemption of assets situated in Florida. The reason is that tenants by entireties protection is based upon common law traditions of property ownership rather than upon exemptions statutes enacted by the Florida and …

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Disadvantage of Foreign Residents Owning Florida Real Estate In Entity Name

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Married residents of Iowa purchased an investment motel in Florida through their family corporation. They own all the stock in the corporation jointly. A lawsuit was filed against the husband related to a prior investment. Their Iowa attorney told them that the Florida hotel is exempt because it is Florida real estate owned by them …

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