A client moved to Florida from New York state where he had previously maintained a bank account at New York branch of a national bank and a financial account at a national securities firm. He owned both accounts jointly with his wife. The client feared a lawsuit in New York. He wanted to know if after moving to Florida he had to move both financial accounts to protect them as tenants by entireties assets . Continue reading
An interesting tenants by entireties problem came up last week when advising a gentleman who lived in Colorado, but owned a Florida real property together with his elderly mother and father. The parents had purchased the property and added their son on the title to avoid probate in the event of the parents’ deaths. Continue reading
Creditors who have a sizable claim against on spouse residing in Florida sometimes will assert creative theories to impose liability on the other spouse so in order to overcome tenants by entireties protection. When a judgment is against only one spouse the debtor spouse may protect all joint marital assets because marital assets are presumed to be owned as tenants by entireties, and entireties assets are immune from collection under Florida law. Continue reading
Florida property owned by a husband and wife with rights of survivorship is presumed to be “tenants by entireties” property which is protected from the creditors of either spouse, but not protected from joint creditors. If a husband and wife contribute money to a revocable living trust, does the change of ownership terminate the entireties protection? Continue reading
Much has been written about technical procedures for setting up a tenants by entireties account. One of the rules, expressed in several prior court decisions, is that any joint account owned by husband and wife is presumed to be an entireties accounts even if the account title does not state “tenants by entireties” provided however that the debtor did not disclaim or refuse the entireties presumption. Continue reading
A blog reader sent me an email about his Bank of America joint checking account which he and his wife opened many years ago. He says the account was originally titled as “tenants by entireties. Just recently, he saw that …
It is not easy to open a tenants by entireties bank account. I’ve written previously that some banks refuse to offer entireties accounts; some banks offer them but you have to ask and be lucky the bank representative knows what you are talking about; also, banks frequently change their account application forms.
Tenants by entireties property in Florida is exempt from individual debts of either spouse. It makes no difference if the debtor is a Florida resident or an out-of-state resident with property located in Florida.