A Florida resident who owns personal property as a general rule may protect that property from creditors with exemptions provided by Florida law. For instance, a securities account owned by a Florida resident debtor jointly with his spouse is protected from the debtor’s creditors because the account is presumed to owned tenants by the entireties in Florida
It may be impossible to own a automobile as tenants by entireties in the State of Florida based on a decision entered December 3, 2004, by the Fifth District Court of Appeal in the case of Vongsack Xayavong and Damomonh Xayavong v. Sunny Gifts, Inc.
A decision by the Fourth District Court of Appeals strengthens asset protection afforded by tenants by entireties ownership. The issue presented to the court was whether proceeds from the sale of an asset owned as tenants by the entireties retains its character as entireties property when deposited in an attorney’s trust account
I received an email from an attorney seeking my opinion on a joint revocable trust for the benefit of a husband and wife as tenants by entireties under Florida law. The issue is whether a couple can enjoy the asset protection of tenants by entireties within the framework of a joint revocable trust prepared for estate planning purposes.
A client presented today an interesting question which I can not answer with any certainty. The well-established rule under Florida case law is that tenants by entireties property (property owned jointly by husband and wife) is immune from creditors of either spouse individually, but the property is not protected from joint creditors. This particular client was a Florida resident whose …
I received an email for an attorney about a bankruptcy court decision in Michigan which held that filing bankruptcy destroyed a tenancy by entireties. The decision was described as an indication of the end of tenants by entireties protection.
In the case of In re Shilo, Case No. 03-9358, Judge Jenneman issued an Memorandum Opinion which held that a car owned by married couple as husband or wife with rights of survivorship is not legally owned tenants by entireties and is not exempt from the husband’s individual creditors.
As you many readers of this blog already know, the Florida Supreme Court declared that personal property owned jointly by a husband and wife is presumed to be tenants by entireties property which is immune from the creditors of either spouse individually. The Supreme Court made this holding in the case of Beal Bank, SSB v. Almand in 2001.
In March, 2001, the Florida Supreme Court decided the case of Beal Bank v. Almand where the Court adopted the presumption of tenants by entireties ownership for bank accounts owned jointly by husband and wife.