A client wanted to know if his employee benefits would be subject to 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…
Opening a tenants by entireties account at a financial institution can be complicated as there are many legal pitfalls on the path to a protected entireties account. The court in one bankruptcy case (In re Givans) held that conveying an entireties bank account to a joint revocable living trust forfeits…
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…
What is an S Corp? Some people set up offshore LLCs and foreign trusts to protect their ownership in a U.S.-based business. Most small businesses, whether they be corporations or limited liability companies, are arranged to be taxed as subchapter S corporations, or “S corps.” The advantages of S corp…
In Florida, a spousal limited access trust, or SLAT, is an estate planning device that provides asset protection without the loss of protection of tenancy by entireties assets upon the non-debtor spouse’s death. Florida law exempts assets owned by married couples as tenants by entireties from execution of judgments against…
Florida’s constitutional homestead protection is considered one of the best asset protection tools because of its unlimited exemption of homestead value from forced sale. Additionally, all real estate, including the homestead, can have additional protection from the creditors of either spouse if the home is owned by both spouses jointly…
Many Russian oligarchs own homes in Florida. Even Vladimir Putin himself this week called out Russians “who have a villa in Miami or the French Riviera.” A reporter called me this week and asked if Florida’s constitutional homestead protection could allow Russian oligarchs who own property in Florida to evade…
In most cases, stocks and brokerage accounts can be garnished by a creditor with a money judgment. However, sometimes a brokerage account may be exempt from garnishment due to federal or state law. Brokerage Garnishment Procedure To garnish a judgment debtor’s stocks or brokerage account, a creditor first files a…
