Life Insurance Confusion

Jon Alper Florida Exemptions

Some people are confused about the protection from creditors afforded to life insurance owned by Florida residents. Florida statutes state that cash value of life insurance, in whatever form, owned by the insured is exempt from the owner’s creditors.

College 529 Plans

Jon Alper Florida Exemptions

529 Plans are named under the section of the IRS code that creates and regulates them. These plans provide for a way for a parent or grandparent to invest and save for a child’s education.

Pay on Death Accounts

Jon Alper Florida Exemptions

Received an interesting question from a litigation attorney today about fraudulent transfers and conversions. His client had a parent in the hospital with a short life expectancy.  The parent owns a 50% interest in a homestead property in Florida, and he has a $100,000 in a bank account designated pay on death to child. Question posed was whether parent should …