Bank accounts owned by a married couple are protected from the creditors of either spouse if the account is owned as tenants by the entireties. When a married couple opens a new bank account, they can choose (usually on their signature card) how they want to title the account. Some…
In Florida, a spousal limited access trust, or SLAT, is an estate planning device that provides asset protection. This type of trust has advantages over the more common asset protection tool of tenancy by entireties ownership. Florida law exempts assets owned by married couples as tenants by entireties from execution of judgments against either spouse individually….
A Health Care Proxy, also known as a “Health Care Power of Attorney,” is a legal document that allows an individual to appoint a person to make health care decisions on their behalf in the event that they become incapacitated. In Florida, this document is governed by Florida Statutes Chapter…
A small estate affidavit in Florida is a step in a summary administration, which allows for the distribution of a deceased person’s assets without the need for probate court. This process is typically used when the deceased person’s estate is valued at less than $75,000 and they did not have…
In Florida, all drivers are required to carry auto insurance. The insurance must include personal injury protection (PIP) coverage and property damage liability (PDL) coverage. PIP coverage covers bodily injuries and medical bills, while PDL coverage compensates for damages caused to another person’s property, including their vehicle. When a car…
I got a call from a Florida businessman who owned a business in Jacksonville which had been sued. The court awarded a judgment against the business, but there is no judgment against the owner personally. The owner is considering closing down the debtor business and starting a new company doing similar…
Trusts have many purposes, including avoiding probate, reducing estate taxation, or protecting assets from creditor risk. The type of trust and the terms of trust depend on the priority of various planning goals. When it comes to estate planning, trusts can be a powerful tool for protecting your assets and…
An entrepreneur builds a profitable business with many years of hard work, long hours, and some luck. Dreaming of an exit and comfortable retirement, he makes the business available for sale. A larger company makes a generous purchase offer above the full asking price. The entrepreneur, surprised by his good fortune,…
Many people moving to Florida have previously made a will or created a living trust. Is their existing will or trust valid in Florida? Should they make a new will or amend their living trust? Florida law recognizes and enforces existing wills and living trusts executed in another state. Florida…
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…
