In What State Is My Financial Account Located?

Jon Alper Florida Asset Protection Planning

Many Florida residents have securities accounts at national financial firms such as Fidelity, Schwab etc. These national firms have home offices in states outside of Florida. Some do not have retail offices in Florida. One of my clients had established a tenants by entireties account at a national financial firm with no retail Florida offices He asked whether his account …

Business Owner’s Personal Liability For Business’s Violation of Import and Custom Rules

Jon Alper Florida Asset Protection Planning

U.S. government creditors is more difficult because there are several federal laws that provide the government stronger collection remedies or laws that make it easier for the government to hold business owners liable for debts or transgressions of their business entities. An example is a client this month who was facing personal liability for customs duties owed by his importing …

Purchase Money Resulting Trust Theory And Title on Deed

Jon Alper Florida Asset Protection Planning

A married judgment debtor can be unpleasantly surprise when a creditor has garnished an account, or levied upon property, titled in their own name. The debtor tries to convince the creditor or court that because he is married the property should be considered an exempt tenants by entireties asset owned jointly with his non-debtor spouse. “ I always intended to …

Using Partner’s Trust To Protect Debtor’s Business Interest

Jon Alper Florida Asset Protection Planning

People facing potential litigation should be careful when they start a new business venture with a partner. The interest acquired in the business may be vulnerable to future judgment creditors, and the non-debtor partner may be embroiled in the judgment collection. There are alternatives to taking ownership of a business interest in your individual name(s) that provide better asset protection. …

Liability of Personal Representative To Pay Decedent’s Mortgages

Jon Alper Florida Asset Protection Planning

Husband and wife each have previously been married with separate children. The husband’s estate plan names surviving spouse as personal representative. The will leaves a mortgaged property jointly to two of the husband’s children in a testamentary trust. . Two years after the husband’s death the children find they cannot afford to pay the mortgage. They believe that the surviving …

Umbrella Insurance Against Breach of Fiduciary Duty Claims

Jon Alper Florida Asset Protection Planning, Uncategorized

In past years I’ve had several clients sued by members of their own family because the client allegedly had mismanaged or had improperly benefited from an estate or trust for which they were named as personal representative of trustee.  This past week one of my clients who was the target as trustee discovered that claims that could be filed against …

Income Tax Consequences of Asset Protection Plan

Jon Alper Florida Asset Protection Planning

A very effective asset protection plan could lead your judgment creditor to abandon efforts to collect a judgment based upon a money debt and decide to write off the loan or settle for a very small percentage of the judgment. In some cases, this could be a very bad result for the debtor because of the income tax consequences.