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 …
When Your Bank Does Not Offer Tenants By Entireties Accounts Read More »
Tenants by entireties assets are not protected from either spouse’s IRS debts. If the IRS acquires an income tax lien on one spouse who had filed separately the IRS lien attaches to the delinquent spouse’s interest in tenants by entireties property. The U.S. Supreme Court held that tenants by entireties property may not be immune …
What Happens To IRS Lien on Entireties Asset After Death? Read More »
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 …
Entireties Protection of Accounts At National Banks Read More »
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. …
Court Says Joint Tax Refund Is Tenants By Entireties Asset Read More »
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. …
Joint Tax Refunds May Be Tenants By Entireties Property Read More »
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 …
Garnishment of Florida Debtor’s Entireties Bank Account in Another State Read More »
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 …
Navigating Financial Account Applications To Create Tenants By Entireties Ownership Read More »
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 …
Bankruptcy Case Confirms Non-Resident’s Exemption of Tenants by Entireties Assets Read More »
Tenancy by entireties property has be acquired property while both spouses are married. That does not mean that property first purchased by a single person cannot become entireties property after the person is married.
When a court finds that a client has improperly taken money from consumers or investors in violation of federal or state laws the court may order restitution to the “victims” . Restitution orders require the debtor to pay money to the government agency on behalf of the victims. Ordinary asset protection may not protect against …
Tenants by Entireties Exemption From Federal Criminal Restitution Read More »