In Florida, an asset protection trust is a self-settled trust designed to protect assets from judgment creditors. In general, a trust is a self-settled trust if the person (trustmaker) who creates the trust and transfers the assets to the trust is…
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…
Hiding assets is an asset protection strategy that makes it more difficult for a potential creditor to find out what you own. Privacy can be essential to your overall financial and asset protection plan. To…
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…
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…
While a divorce proceeding terminates the marital status between two people, it also can impose financial obligations on the more well-off spouse. These obligations include child support, spousal support (alimony), and equitable distribution of assets….
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?…
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…
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…
One of the most common forms of adoption in Florida is adult adoption. People look to adult adoption to establish inheritance rights, formalize an existing parental relationship (such as stepparent/stepchild or foster parent/foster child), or…
