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Home » Tenants by Entireties » Does Joint Bank Account Become Tenants by Entireties Property When Family Moves To Florida?

Does Joint Bank Account Become Tenants by Entireties Property When Family Moves To Florida?

ByGideon Alper November 16, 2020July 27, 2021

Suppose a husband and wife own personal property, a bank account for example, jointly with rights of survivorship in a state that does not recognize tenants by entireties ownership of personal property, and they intend to move to Florida. Florida recognizes tenants by entireties of personal property, and under Florida law all personal property owned by married couples with rights of survivorship is presumed to be entireties property. The question for this fact situation is whether the couple’s bank account in another state’s bank becomes protected entireties property when the couple moves to Florida as permanent residents.

Based on my initial research for a client this week I think the answer is “no.” A bankruptcy court held that a promissory note owned by a married couple in a non-entireties state did not morph to protected entireties property just because the family moved to a state (Florida) which recognizes entireties. The court said that the nature of the debtor’s interest in property should not change just because the debtor moves across state lines.

If you have a joint bank account outside of Florida and are considering moving to Florida in part for asset protection purposes I suggest you and your spouse open a new, tenants by entireties bank account after you arrive in Florida. In most cases you can defend any fraudulent conversion arguments if the account where you came from was owned jointly and most of your other property was also jointly held.

Last updated on July 27, 2021

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Gideon Alper

About the Author

Gideon Alper specializes in asset protection planning for individuals and their families.

Book a consultation with Gideon.
Gideon Alper

About the Author

Gideon Alper specializes in asset protection planning for individuals and their families.

Book a consultation with Gideon.

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    • Asset Protection
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      • Fraudulent Transfers
      • Homestead Protection
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      • UTMA Accounts
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      • Business Entities
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      • LLC Operating Agreement
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    • Offshore Planning
      • Nevis LLC
      • Offshore Bank Accounts
      • Offshore Planning
      • Offshore Trusts
    • Judgment Collection
      • Judgment Collection
      • Bitcoin and Cryptocurrency
      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
    • Wills and Trusts
      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
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      • Attorney Fees
      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
      • Moral Issues
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