Florida Asset Protection Law Blog

How to Open a Tenants by Entireties Account at a Florida Bank

In general, personal property acquired jointly by spouses in Florida is presumed to be owned as tenants by entireties. However, the rules can get tricky when it comes to opening a tenants by entireties bank account. There are many instances of people who incorrectly believed they had established exempt joint marital bank accounts and later…

Asset Protection For Credit Card Debt

Credit card debt is a primary factor leading to personal bankruptcy in Florida. Consumers facing job loss or medical bills often find themselves indebted to several credit card companies. These credit card creditors typically act aggressively to collect unpaid credit card bills. They may contract with professional debt collectors or file lawsuits against their credit…

Are Employee Benefits Subject To Wage Garnishment?

A client wanted to know if his employee benefits would be subject to a garnishment. Most judgment debtors do not qualify for a head of household exemption from continuing garnishment of salary and wages provided by Florida Statutes. This particular client asked about whether certain forms of compensation from his employer were outside the scope…

Protecting Assets From Medical Bills in Florida

We had married clients recently who suffered from catastrophic medical debt. Several years ago the wife was admitted to a hospital to treat a rare medical condition. The husband and wife had an medical insurance policy offered under the Affordable Care Act. The wife eventually recovered, but the hospital bill was over $250,000. The clients…

Does Joint Bank Account Become Tenants by Entireties Property When Family Moves To Florida?

Suppose a husband and wife own personal property, a bank account for example, jointly with rights of survivorship in a state that does not recognize tenants by entireties ownership of personal property, and they intend to move to Florida. Florida recognizes tenants by entireties of personal property, and under Florida law all personal property owned by married…

Piercing the Corporate Veil in Florida

Piercing the corporate veil refers to the creditor tactic where a creditor with a judgment against a business pierces the corporation and transfers the judgment to the individual owners. Many business owners are worried that their creditors will pierce the corporate veil, putting their family’s assets at risk. One of the most important functions of a…

When Does New Florida Resident Qualify For Florida Asset Exemptions?

Florida law exempts many assets from execution by a judgment creditor including intangible personal property including life insurance and annuities. Section 222.14 of the Florida statutes exempts cash value life insurance, annuities and annuity proceeds that were issued to citizens or residents of Florida. Most other states do not exempt these assets from creditor garnishment….

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Does a Spouse Automatically Inherit Everything in Florida?

In Florida, the term spousal rights refers to the ability of a spouse to automatically inherit certain property from their deceased spouse, whether or not they are provided for in a will. Some people have told us that they have not made a will or a testamentary trust because they had assumed their spouse would…

Fraudulent Transfers Can Diminish Homestead Protection

Existing Laws on Florida Homestead Protection and Fraudulent Conveyance It is well-settled Florida law that the purchase or improvement of a Florida homestead cannot be set aside as a fraudulent conveyance. The Florida Supreme Court in Havoco v. Hill said that a creditor cannot reverse a judgment debtor’s payments made toward a homestead property even…