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,…
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…
What Is Summary Administration? Summary administration is an alternative to formal probate that is quicker and less expensive. To file for summary administration, you must have less than $75,000 or only own a homestead. You can’t owe any money to creditors. Summary Administration Process Summary probate rules and procedures are…
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…
Suppose an employee has a stock purchase plan with his employer under IRS Code 423. The employer’s stock is publically traded. The plan gives the employee the option to receive stock in the employer company at a discount to the then-current market value. The value of the discounted stock is…
Tenants by entireties bank accounts can be tricky. Florida law provides that a joint marital bank account is presumed to be an exempt tenancy by entireties account unless there is contrary evidence. The issue is what constitutes contrary evidence sufficient to overcome the legal presumption and make the bank account…
Inheritance of a Florida homestead is fast and easy. A Florida homestead is not subject to probate. Probate proceedings involve only assets subject to creditor claims. The Florida homestead is exempt from creditors, so it is not part of the probate estate. Therefore, title to a Florida homestead transfers to…
