Tenants by Entireties

Navigating Financial Account Applications To Create Tenants By Entireties Ownership

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…

Tenants by Entireties Exemption From Federal Criminal Restitution

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…

Separate Judgments Against Each Spouse And Entireties Protection

Creditors who have a sizable claim against on spouse residing in Florida sometimes will assert creative theories to impose liability on the other spouse so in order to overcome tenants by entireties protection. When a judgment is against only one spouse the debtor spouse may protect all joint marital assets…

Article Discusses Tenants By Entireties in a Joint Living Trust

Florida property owned by a husband and wife with rights of survivorship is presumed to be “tenants by entireties” property which is protected from the creditors of either spouse, but not protected from joint creditors. If a husband and wife contribute money to a revocable living trust, does the change…

Tenants By Entireties Account Unilaterally Retitled By Bank of America

A blog reader sent me an email about his Bank of America joint checking account which he and his wife opened many years ago. He says the account was originally titled as “tenants by entireties. Just recently, he saw that BOA unilaterally changed the title on his account to “tenants…

Tenants By Entireties Bank Accounts Made Easier By A Modified Banking Statute

Generally, Florida’s creditor exemptions are expressed in Chapter 222 of the Florida Statutes. The Chapter’s sections list Florida’s premier asset protection exemptions including the exemptions afforded wages, retirement funds and annuities. Sometimes the legislature makes important asset protection changes in various other parts of the Statutes.

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Tenants By Entireties Ownership Of Joint Living Trust Assets

Prior to 2011,  when the estate tax exemption was much lower,  most estate planning attorneys preferred to separate spouses’ assets in separate living  trusts to make sure each spouse received their full estate tax exemption. Joint trusts which are not properly drafted or maintained can forfeit one or the other…