Asset protection refers to the set of legal techniques used to protect your assets from potential creditors, lawsuits, or judgments. It involves financial planning strategies to shield bank accounts, business interests, income, and real property from collection.
This process often includes the use of trusts, business entities, and other legal structures to create barriers against asset seizure.
Sometimes clients ask me about loan contracts they may have signed many years ago. These contracts often have a section or paragraph that states the borrower waives all of the statutory exemptions, including their homestead…
What Is a Bulletproof Trust? Is there such a thing as a perfect, bulletproof trust? Or is the term merely an exaggeration to market expensive trust plans that do not accomplish what the promoters promise?…
If you are at fault in a car accident in Florida, you must contact your insurance provider to report the incident and discuss your coverage options. You should also evaluate your financial exposure and explore…
What Is the Difference Between an LLC and S Corp? An LLC offers flexible management, fewer compliance requirements, and pass-through taxation without restrictions on the number or type of owners. In contrast, an S Corp…
You can still get the homestead exemption even if your home is owned by your living trust. In Florida, a homestead exemption can offer significant property tax savings and legal protections for a homeowner’s primary…
A Florida Declaration of Domicile is a legal document formally establishing a person’s permanent residence in Florida. It is an official statement, recorded with a local courthouse, indicating that Florida is the declarant’s primary and…
Domestic Asset Protection Trusts (DAPTs) are a form of trust designed to help individuals protect their assets from creditors. Not all states in the U.S. allow for the creation of DAPTs. The states that offer…
Florida asset protection law is based on both statutory protections and what is called common law, or case law. Common law refers to the set of prior Florida court decisions that interpret Florida statutes and…
A divorce designed for asset protection does not usually protect assets because courts can still find that transfers made according to a marital settlement agreement are fraudulent transfers. Some clients ask me whether getting divorced…
