Florida Exemption of Other States’ 529 College Plans

Jon Alper Florida Exemptions

Client lives in California and has purchased a Virginia based 529 college savings.  His financial adviser told him that Virginia plans offer advantageous investment options. The client says that Virginia law provides that Virginia 529 plans are exempt from creditor claims. The clients asks about the protection of his Virginia plan under California and Florida law.

Self-Directed IRA Owns Real Estate Outside Florida

Jon Alper Florida Exemptions

Although most people’s IRAs consist of cash and marketable securities housed at a financial institution people may own real estate in an IRA that is “self-directed.” There are financial companies that set up and administer for a fee self-directed IRAs which allow the owner to buy a wide variety of assets including real estate, currencies, precious metals and commodities.

Does Annuity Held By Bank For Security Forfeit Asset Exemption?

Jon Alper Florida Exemptions

A caller and prospective client called to ask whether his Florida annuity was exempt from creditors. The caller had purchased an annuity through the securities affiliate of his bank. The caller subsequently borrowed money from the bank, and the loan documents stated that the loan was secured by all assets held by the bank.

Spendthrift Trust Appoints Debtor As Trustee And Beneficiary: Is Interest Protected From Creditors?

Jon Alper Florida Exemptions

Florida law has a well-established tradition of protecting a beneficiary’s interest in a discretionary  spendthrift trust. A “spendthrift trust” is an trust established for the benefit of another person, the beneficiary, which trust includes a provision that prohibits the beneficiary from voluntarily or involuntarily assigning his interest to a third party including the beneficiary’s creditors. The spendthrift trust is “discretionary” …