Fishermen Exempt From Wage Garnishment: Federal Law

Jon Alper Business Asset Protection, Writ Of Garnishment

Federal law wage garnishment rules are different than Florida’s rules and exemptions from wage garnishment. For instance, federal law permits garnishment of 15% of net wages without regard to any state exemptions. I just learned about a federal wage garnishment exemption I had never before encountered in asset protection work. Federal statute 46 USC 11109 protects fishermen from wage garnishment. …

Sole Proprietorship Advantages For One-Owner Businesses and Professions

Jon Alper Business Asset Protection

Most one person professional business- such as attorneys or physicians- operate as a legal entity (P.A. or L.C.) . The professional is an employee who receives from the business a combination of salary and profit distributions. This business arrangement has tax advantages because it can reduce employment taxation, but it may not be best for asset protection when the business …

Distinguishing Two Similar Asset Protection Issues: Piercing The Corporate Veil And Attacking Successor Business As Alter-Ego Of A Debtor Business

Jon Alper Business Asset Protection

I got a call from a Florida businessman who owned a business Jacksonville which had been sued. The court awarded a judgment against the business, but there is no judgment against the owner personally.  The owner is  considering closing down the debtor business and starting a new company doing similar kinds of things for similar clients. The owner asked me …

Informal Family Business Arrangments Can Unintentionally Expose Assets To Creditors

Jon Alper Business Asset Protection

Business arrangements among family members are usually informal without full legal documentation. Casual business dealings among family members work fine between the family members themselves as long as the family relationships are on good terms. But, when the same family members have creditor problems an informal family business dealing can lead to problems when proper documentation is lacking.

Annuities Owned By Business Entities

Jon Alper Business Asset Protection

A Florida resident owns an LLC with in turn owns real estate. The LLC sells the real estate and receives substantial case proceeds. The owner wants to purchase an annuity with some of the sales proceeds because of the investment features and because he heard annuities are protected from creditors.

Protection of Business Domain Names

Jon Alper Business Asset Protection

Some types of personal property have little value to anyone except a debtor, but the property is extremely valuable to the debtor. Although the same property has little market value in the hands of a creditor, the creditor may still seek to levy on this unique personal property in order to pressure the debtor to pay all or part of …

Protecting Family Business Corporations

Jon Alper Business Asset Protection

Family businesses should be planned with asset protection in mind. In previous post on this blog I have strongly suggested using limited liability companies in lieu of corporations for new businesses for reasons which will not here be repeated. In the event a family has an existing corporate business owned by both spouses, there are still planning possibilities to protect …