Archive for the ‘ Florida Law ’ Category
Asset Protection Planning in Florida: Fraudulent Transfers
In order for any asset protection exemption or planning technique to be effective, it needs to be implemented before the event giving rise to a third party creditor’s claim has occurred. If a person waits until there is an actual specific threat of liability to a third party, then utilization of the foregoing exemptions or [...]
Asset Protection Planning in Florida: Common Techniques
The techniques described here are means of titling or transferring property to make it immune from creditors’ claims against the owner personally. Effective use of these techniques is at all time subject to the exceptions for fraudulent transfers and conversions. The following discussion is a summary only. If you would like more information about these [...]
Asset Protection Planning in Florida: Exempt Property
The exemptions discussed below are privileges or rights granted by law to a debtor to enable him or her to retain a portion of his or her property free from judicial seizure and sale to satisfy the claims of the debtor’s creditors. Effective use of these exemptions is at all time subject to the exceptions for [...]
The Cost of Business Liability Protection
For operating businesses that own real estate–office space, warehouses, etc.–common advice is to put ownership of the property in a separate company. The goal is to shield the property from judgment creditors of the operating business. This isn’t bad advice, but as with everything in life, there are costs. Obviously, there are the costs of [...]
Why Married Couples Need Wills
Married couples need wills, even if most of their property is owned as tenants by the entireties (TBE) or joint tenants with right of survivorship (JTWROS). This point is clear from the following situation: Husband and Wife are married with four children (one of whom is 19, and the other three are under 18). All [...]
The Fill-in-the-Blank Will Strikes Again!
Not surprisingly, I am not a fan of fill-in-the-blank wills and other estate planning documents that can be purchased from many office supply stores or online. It’s not the terms and provisions of these documents that bother me—they’re often quite adequate for straightforward situations. Rather, canned documents do not do a good job of helping [...]
10 Things About Asset Protection Planning in Florida
1. No Lockboxes. Asset protection planning does not depend on sure-fire techniques and strategies that are guaranteed to protect your assets from every creditor in every situation. Instead, asset protection planning requires thoughtful decisions about the manner of owning your assets to cause your most important assets to be least desirable to potential creditors. 2. Act Now! [...]
Who is the “Prevailing Party”?
Litigants are generally responsible to pay their own attorneys’ fees and costs (this is called the “American Rule,” as opposed to the “British Rule”). But many contracts include a provision like the following: Attorneys’ Fees. In the event of a dispute between the parties with respect to this Agreement, the prevailing party shall be entitled to recover [...]
Florida Legislature to the Rescue!
A number of sources (including Forbes, most prominently) report that the Florida Legislature will take up a bill aimed at bringing sense to the chaotic 2010 estate tax gap. As I previously wrote (here), the one-year estate tax hiatus may cause many wills and trusts to produce gifting consequences that were never intended by the [...]
10 Things About Creditors’ Claims in Florida Probate
1. Put It in Writing. The creditor of a deceased debtor must file a Statement of Claim with the probate court in which the debtor’s estate is being probated. The Statement of Claim must include a brief statement of the basis of the claim, including whether or not the claim has matured. 2. Racing the [...]