Entireties Protection of Accounts At National Banks

Jon Alper Tenants By Entireties

People who are moving to Florida often want to examine the exemption of their previously acquired assets under Florida law. The status of previously opened joint bank accounts is particularly confusing for people relocating in Florida. Consider the common situation where prior to moving to Florida married couple open a joint bank account in their home state- for example, assume …

Court Says Joint Tax Refund Is Tenants By Entireties Asset

Jon Alper Tenants By Entireties

Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. Supreme Court, found that an …

Joint Tax Refunds May Be Tenants By Entireties Property

Jon Alper Tenants By Entireties

Courts have discussed, and disagreed, whether a individual judgment debtors interest in a joint marital federal tax refund is protected tenants by entireties property. The U.S. Supreme Court held that the IRS may garnish a joint marital tax refund to collect taxes owed by either spouse individually. Some bankruptcy courts in Florida, citing the U.S. Supreme Court, found that an …

Garnishment of Florida Debtor’s Entireties Bank Account in Another State

Jon Alper Tenants By Entireties

Tenants by entireties bank accounts are exempt under Florida law and cannot be garnished by a creditor of either spouse. However, entireties accounts of Florida residents are more difficult to enforce in courts outside of Florida. A creditor of one of our clients is attempted a creative way to garnish the client’s entireties account. The client resides in Florida and …

Navigating Financial Account Applications To Create Tenants By Entireties Ownership

Jon Alper Tenants By Entireties

The general rule is that married accounts with rights of survivorship are presumed to owned by married couples as tenants by entireties unless the couple has disclaimed entireties ownership on the account application or elsewhere. The most common disclaimer of entireties protection occurs when a debtor selects the incorrect ownership on a financial institution’s account application. Not all bank provide …

Bankruptcy Case Confirms Non-Resident’s Exemption of Tenants by Entireties Assets

Jon Alper Tenants By Entireties

I’ve written in previous blog posts that a debtor does not have to be a Florida resident to claim tenants by entireties exemption of assets situated in Florida. The reason is that tenants by entireties protection is based upon common law traditions of property ownership rather than upon exemptions statutes enacted by the Florida and other state legislatures. A Chapter …

Disadvantage of Foreign Residents Owning Florida Real Estate In Entity Name

Jon Alper Tenants By Entireties

Married residents of Iowa purchased an investment motel in Florida through their family corporation. They own all the stock in the corporation jointly. A lawsuit was filed against the husband related to a prior investment. Their Iowa attorney told them that the Florida hotel is exempt because it is Florida real estate owned by them jointly as tenants by entireties.

Tenants by Entireties Exemption From Federal Criminal Restitution

Jon Alper Tenants By Entireties

When a court finds that a client has improperly taken money from consumers or investors in violation of federal or state laws the court may order restitution to the “victims” . Restitution orders require the debtor to pay money to the government agency on behalf of the victims. Ordinary asset protection may not protect against restitution.