fbpx
Estate planning lawyer
et|icon_documents_alt|i

Financial Legacy Review

Click here to schedule now!

et|icon_phone|

Call Now

(561)998-2362

et|icon_mobile|

Text Us

(561)867-8847

Call

561-998-2362

Text

561-867-8847

What assets are protected by Florida law?

Feb 7, 2021

Paul S. Labiner

Paul Labiner

Managing
Partner

Asset classes that are shielded from creditors by Florida law are generally called “protected assets.” Examples of protected assets include:

  • Annuities,
  • Life insurance,
  • Retirement accounts,
  • Unemployment or disability benefits,
  • Social Security benefits,
  • Custodial accounts held for minor beneficiaries,
  • Florida pre-paid college tuition plans,
  • Owned as Tenants by the Entirety.

Other assets are known as “exposed assets” because without special planning they are at risk to creditors and lawsuits. Exposed assets include the following:

  • Individual or joint accounts,
  • Personal property,
  • Individually or jointly owned (non-married) real property.

For individuals with large amounts of assets or those in professions with a high degree of liability such as medicine, finance, law, and real estate development, the safest course of action is to reduce the number of exposed assets. Fortunately, Florida’s asset protection laws are quite fulsome and provide several options for asset protection, including:

  • Homestead protections,
  • Head of Household exemption,
  • Tenancy by the Entirety and Joint Tenancy,
  • Irrevocable Trusts,
  • Family Limited Partnerships,
  • Limited Liability Companies (LLC).

Due to these nuances, asset protection plans are truly bespoke. A comprehensive analysis of your asset portfolio is critical so we can develop the most effective asset protection strategy for your situation.

Protect Your Financial Legacy

Don’t let your assets and wealth be an easy target for creditors and lawsuits. We make protecting your estate and assets as simple and stress-free as we can. Call (561)998-2362 or click the button to schedule a free Financial Legacy Review online now.

*We promise to keep your information safe. You can unsubscribe at any time.

et|icon_lightbulb_alt|

In Case You Missed It...

Check out these other great and informative FAQs on estate planning, wills and trusts, wealth preservation, and more.

Pin It on Pinterest

Share This