Bankruptcy Trustee Attacks Homestead Purchase
The homestead protection afforded Florida residents is being tested in a Florida bankruptcy proceeding.
Choice of Business Entity For Attorneys and Doctors
A professional cannot use a corporate shield to protect himself from malpractice. A professional is anyone who under Florida law is required to obtain a license in order to practice their trade. Florida statutes provide for distinct entities engaged in a professional business.
Limited Liability Partnerships
I’ve said this many times and to many people, but it needs to be repeated. In 1999, the Florida legislature pased CS/HB 361 amending Florida Statutes 620.8101 to provide, among other things, for limited liability partnerships (LLP) and limited liability limited partnerships (LLLP).
Florida v. Texas: Which State Has Best Homestead Protection
The Spring 2004 edition of the American Bar Associations’s Real Property Journal included an interesting comparison of homestead laws of different states. It is well known that Florida and Texas have the most protective homestead provisions in their state constitutions.
Some Annuities May Not Be Protected
Florida Statute 222.14 protects annuities owned by Florida residents from creditor claims and judgments. Some people have asked whether variable annuities are included under the same statutory protection.
Prohibited Transaction Forfeits IRA Protection
Florida Statute 222.21 protects from creditors financial assets that qualify under specified sections of the Internal Revenue Code to include most IRAs, 401k plans, and other common tax “qualified” retirement plans.
Bankruptcy Judge Attacks Entireties Ownership of Automobiles
In the case of In re Shilo, Case No. 03-9358, Judge Jenneman issued an Memorandum Opinion which held that a car owned by married couple as husband or wife with rights of survivorship is not legally owned tenants by entireties and is not exempt from the husband’s individual creditors.
Is a Homestead Under Construction Protected From Creditors?
Planning to build a home? Many people have asked me whether or not money used to buy a lot where they intend to build a residence is protected. Or, is money paid in advance to a contractor to build a homestead protected under Florida’s homestead provisions exempting homestead property from creditors. The short answer is…
Will the Havoco Decision Protect In Bankruptcy Court?
People throughout the country are learning about the Florida Supreme Court case of Havoco v. Hill and its importance for Florida asset protection planning. Havoco says that if you take non-exempt money otherwise subject to creditor attack and use the money to purchase, expand, or repair a house or to pay a mortgage on the…
Good Judge Makes Wrong Decision
As you many readers of this blog already know, the Florida Supreme Court declared that personal property owned jointly by a husband and wife is presumed to be tenants by entireties property which is immune from the creditors of either spouse individually. The Supreme Court made this holding in the case of Beal Bank, SSB…