SEC Disgorgement Order Enforceable Against Exempt Assets

Jon Alper Creditor Rights, Florida Exemptions

The U.S. Securities and Exchange Commission may impose equitable remedies to recover money earned through illegal insider trading and other violations of federal seccurities laws. The SEC’s equitable remedies include “disgorgement” of all money obtained illegally. A federal court may order the defendant to pay back illegally obtained funds or to post a bond secured by the defendant’s assets. Florida’s …

What Happens To IRS Lien on Entireties Asset After Death?

Jon Alper Tenants By Entireties

Tenants by entireties assets are not protected from either spouse’s IRS debts. If the IRS acquires an income tax lien on one spouse who had filed separately the IRS lien attaches to the delinquent spouse’s interest in tenants by entireties property. The U.S. Supreme Court held that tenants by entireties property may not be immune from IRS liens regardless of …

Garnishment of Life Insurance Death Benefit Payable to Debtor

Jon Alper Writ Of Garnishment

Our client is the beneficiary of a life insurance policy on her husband’s life. The husband owns the policy. The client has a large civil judgment. The husband died, and the wife filed a claim with the life insurance company. The insurance company delivered a check for the insurance proceeds to our client, and the client deposited the proceeds in …

Can Illegal Immigrants Possible Get Homestead Protection?

Jon Alper Homestead Exemption

Illegal immigration is in the news in 2018, including legal status of adults and their minor children. Florida courts have considered immigration status in the context of Florida homestead protection. The Supreme Court said in 1963 that only legal Florida residents can own a protected Florida homestead property. The reasoning is that homestead protection requires intent to permanently reside in …

Entireties Protection of Accounts At National Banks

Jon Alper Tenants By Entireties

People who are moving to Florida often want to examine the exemption of their previously acquired assets under Florida law. The status of previously opened joint bank accounts is particularly confusing for people relocating in Florida. Consider the common situation where prior to moving to Florida married couple open a joint bank account in their home state- for example, assume …

Limitations Period Applicable Domesticated Foreign State Judgments

Jon Alper Creditor Rights

One of my clients had a judgment issued against him in 2009 in a Georgia civil case. The client retired and moved to Florida in 2016. Upon discovering my client changed residence to Florida move the creditor domesticated the Georgia judgment in Florida in 2016. Georgia law provides that Georgia judgments expire in no longer than 10 years (or, 2019 …

Court Says Joint Tax Refund Is Tenants By Entireties Asset

Jon Alper Tenants By Entireties

Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. Supreme Court, found that an …

Joint Tax Refunds May Be Tenants By Entireties Property

Jon Alper Tenants By Entireties

Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. Supreme Court, found that an …

Lasting Effect of Denial of Bankruptcy Discharge

Jon Alper Bankruptcy

Here is an example of the importance of being truthful on your bankruptcy petition if you file bankruptcy. A man consulted with us about filing Chapter 7 bankruptcy in Florida after he had previously filed in another state five years ago. In the previous filing, the court denied the client his Chapter 7 bankruptcy discharge because he had fraudulently misrepresented …

Can Same Person Be Beneficiary And Sole Trustee of Irrevocable Trust?

Jon Alper Estate Planning

Our client wanted to serve as trustee of an irrevocable trust created for his benefit. The client’s general attorney cautioned him that he could not serve simultaneously as a beneficiary and as a trustee, and that if he did occupy both positions the trust would automatically dissolve because of the legal “doctrine of merger.” The client’s wife proposed to create …