The Bureau of Alcohol, Firearms, and Explosives (“ATF”) issued a new rule (Rule 2021R-08F) addressing stabilizing braces used to convert pistols into short-barreled rifles, defined as a rifle having a barrel of fewer than 16 inches (“SBR”). The Rule regulates pistols that are made and intended to be fired from…
A vacation home LLC is a family business that allows a vacation home owner to pass down their property, specifying how the property can be used and how decisions will be made. Many people from northern states and retirees from all over own vacation homes in Florida. Florida vacation homes…
Protecting real estate after a lawsuit is filed against you is relatively difficult. Creditor collection remedies targeting real estate are easy and effective, and that real estate is fixed in place and cannot be moved beyond the jurisdiction of the court enforcing a judgment. The creditor’s recording of a final…
Most withdrawals or distributions from retirement accounts can be protected even after being deposited into a bank account. The protection is dependent on state law and proper asset protection design. IRA, Pension and 401k Retirement Plans Retirement accounts are generally protected from creditors under Florida law. Florida statute 222.21 protects IRAs, 401k plans,…
Reduction of employment taxes is part of asset protection planning involving limited liability companies. An LLC may elect to be treated for income tax purposes as either a partnership or a Subchapter S corporation. Advisors typically suggest taxation as an S corporation in order to minimize the amount of LLC…
In Florida, a trust protector is an individual or financial institution named in the trust agreement that facilitates the administration of a trust. Having a trust protector is not required—it is an optional feature of a revocable or irrevocable trust. A protector can increase the asset protection benefits of trust…
Landlords who lease residential or commercial property to tenants should be concerned about liability stemming from the tenant or guests of the tenant. For example, a tenant or a guest of the tenant could become injured on the property and then make a claim against the landlord. The gist of…
Summary administration in Florida is a simplified process that provides a cheaper and quicker way to wind up a deceased person’s assets compared to formal probate. In order to file summary administration, (1) the value of the person’s property must be under $75,000, (2) the person must have been dead…
A preferential transfer is a payment made by a debtor to certain preferred creditors prior to filing bankruptcy. Florida and federal bankruptcy laws do not allow potential filers to favor certain unsecured creditors over others just prior to filing. The court can set aside a transfer it deems preferential. If…
In Florida, a power of attorney ends after the death of the principal. A power of attorney is a legal document provided by Chapter 709 of Florida law that allows one person (called a “principal”) to appoint another person (called an “agent”) to legally act on their behalf. So long…
