Asset protection planning in Florida lawyer
Tampa Lawyer Kevin A. Fuller

PROTECTING YOUR ASSETS IN FLORIDA

Asset protection planning in Florida is intended to shield your assets from creditors. A properly drafted asset protection plan will protect personal or business assets. The goal of asset protection is to make it very difficult for a creditor to get your assets to satisfy a judgment.

WAYS TO PROTECT YOUR ASSETS

There are many ways to protect your assets. Some of them are:

  1. Insurance. If you have the right policy and coverage, insurance may pay a judgment and the cost of defending an action. All forms of liability insurance (premises liability, professional liability, etc.) should be considered.
  2. Homestead. If your residence qualifies as a homestead, it is difficult for a creditor to lien or seize your property. The exceptions to this are foreclosure actions and debt related to the property, such as a construction lien.
  3. TBE. If you are married, your property should be titled Tenants By The Entirety(TBE). This is important because a judgment entered against you, but not your spouse, will not be enforceable against TBE property. This will not apply if the judgment is entered against both spouses.
  4. Qualified Retirement Plans, Pensions, IRA’s, and Annuities. ERISA (Employment Retirement Income and Security Act) protects these retirement accounts from creditors.
  5. Irrevocable Trust. Assets placed in an irrevocable trust are exempt from creditors if the person transferring the assets into the trust is not a beneficiary.
  6.  LLC’s or other corporation forms.

This list is not inclusive of all asset protection tools and strategies. There are many more tools and strategies available to protect your assets. Every asset protection plan should be tailored to your specific needs and goals. Asset protection planning in Florida should be done by an experienced and qualified lawyer.

If you need strong, experienced counsel to represent your interests, please feel free to call or e-mail The Fuller Firm, LLC. Kevin A. Fuller will schedule a free phone or videoconference consultation to review your assets and goals. After a thorough analysis of your case, I will answer your questions and advise you regarding the best way to proceed.