Tenants by Entireties

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.

Estate Planning | Tenants by Entireties

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 spouse’s exemption.

Tenants by Entireties

Is Joint Account At National Internet Bank An Exempt Tenants By Entireties Account

One of my Florida  clients has a joint account with his spouse at an internet bank. The bank has no branches other than its main office in Utah. The husband is facing personal liability from a failed commercial real estate venture. The client asks if the bank account is exempt as a tenants by entireties…

Asset Protection | Tenants by Entireties

Why Effective Asset Protection Is For The Whole Family

Often, a high-risk professional will title all assets in the name of their non-professional spouse as an asset protection plan. The professional thinks they are a lawsuit target, but in the event they are sued, they could tell their adversary that they “have nothing in my name.” It’s a simple plan, but it sometimes backfires…

Tenants by Entireties

Tenants By Entireties Account Destroyed By Couple’s Treatment Of Funds

Husband and wife open a joint bank account at a Florida bank, and on the signature card, they pencil in the words “tenants by entireties” to express their intent that the account be an exempt entireties account. Subsequently, the deposit in the account money from another joint bank account and a joint income tax refund.