Florida asset protection, estate planning, bankruptcy, and family law firm.

Florida Homestead Exemption Not Affected By Commercial Operation on Land

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Technology has made it easier for people to operate a business at or next to their primary residence. Operating a commercial venture on the property where you reside raises issues about Florida’s homestead exemption from creditors. The issue is whether a Florida resident can operate a commercial business on his homestead property without forfeiting homestead …

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Using a Foreign State’s Domestic Asset Protection Trust Law in Florida

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Some states, not Florida, have statutes that encourage asset protection trusts. These states’ statutes provide that if a debtor establishes an irrevocable trusts for their own benefit the assets that the debtor conveys to his trust are protected from his creditors. The trustmaker must reside or have significant assets in the state where the trust …

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Banks Don’t Have to Help Customers Choose Correct Tenants By Entireties Account

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There are many instances of people who incorrectly believed they had established exempt joint marital bank accounts and later found out that the accounts were not properly protected from creditors. Well-established Florida law exempts tenant by entireties accounts at financial institutions from the creditors of either spouse, but not from joint creditors. Some people make …

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Non-Debtor Spouse May Be Liable For Fraudulent Transfer To Entireties Account

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I’ve warned many clients against making fraudulent transfers of money to their non-debtor spouse or to tenants by entireties with their spouse. A creditor may get a general money judgment against the non-debtor spouse for the value of assets transferred. The transfer to the spouse risks making the spouse a new defendant in the creditor’s …

Non-Debtor Spouse May Be Liable For Fraudulent Transfer To Entireties AccountRead More

What Happens to Community Property Rights When You Become a Florida Resident?

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A client, a married man, acquired and owned a LLC membership interest in his own name while living in Texas. He and his wife moved to Florida. A Texas court entered a money judgment against the wife only, and the creditor moved the judgment to Florida. Texas is a community property state; Florida is not …

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Federal Agency Judgment Results in Blanket Trust on All Debtor Assets

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Federal agencies are the strongest creditors and are the most likely to overcome asset protection planning. Court decisions involving federal agency collection frequently favor the creditor agency. An example is an unpublished order involving one of my clients who had been sued by the Federal Trade Commission for conducting illegal telemarketing. The telemarketing activity was …

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