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Yes, in most cases, withdrawals or distributions from retirement accounts are protected even after being deposited into a bank account. The protection is dependent on state law. Florida case law protects retirement funds even after being deposited into a bank account. Other states may not afford the same protection to withdrawn funds. Retirement accounts are…
In Florida, the primary difference between a revocable trust and an irrevocable trust is that a revocable trust can be amended or revoked during the settlor’s lifetime, while an irrevocable trust cannot. In terms of asset protection, a revocable trust is only rarely used as part of an asset protection plan, while irrevocable trusts are…
No, Florida is not a community property state. In a community property state, any assets acquired by either spouse during the marriage are considered marital property and therefore owned by both spouses. In some community property states, even income earned from pre-marital separate property is still considered community property. Instead, Florida is an equitable distribution…
A creditor’s collection against a debtor’s membership interest in a limited liability company is limited to a charging lien against the debtor’s “transferable interest.” A transferable interest makes the member eligible to receive LLC distributions. The Florida Statutes state that the charging lien is the creditor exclusive remedy against a transferable interest in a multi-member…
A client wanted to know whether his commissions would be exempt from garnishment as head of household income even though the commissions were paid on a 1099 and the client was considered an independent contractor. What is the Head of Household Exemption? Florida Statute 222.11 exempts from garnishment any earnings paid to a debtor that…
The general rule is that Florida residents cannot export Florida asset exemptions to other states. Therefore, out of state, or “foreign” judgments pose unique risks to judgment debtors living in Florida. Even though the judgment debtor lives in Florida, the judgment creditor could start judgment collection proceedings in the foreign state’s court. Most other states…
A recent client wanted to know if he would lose his homestead protection by temporarily renting out his homestead property to a tenant. In Florida, a judgment debtor’s homestead is absolutely protected from creditors. There is no monetary cap on the amount of the protected homestead, however the protection is limited to 1/2 acre in…
A recent Florida bankruptcy case, In re De Bauer, examined when a non-citizen, or foreigner, could qualify for the Florida homestead protection. The Florida homestead is one of the most powerful asset protection tools for judgment debtors. The Florida constitution exempts an unlimited amount of equity in a debtor’s homestead, subject to certain acreage restrictions….
A debtor can transfer assets to a non-debtor at any time including after a creditor has filed a lawsuit and even after the court has awarded a money judgment against the debtor. Such late asset transfers can be challenged as fraudulent conveyances. The creditor remedies for a debtor’s fraudulent conveyance statute are provided by section…
In Florida, a default judgment can be entered when a defendant is served with a lawsuit but does not respond in time. A plaintiff can ask the judge to enter the default judgment in their favor without a hearing and without any further notice to you other than the initial service. Default judgments in Florida…
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