I researched an interesting homestead issue today for a client who is considering selling his current single family home and using the proceeds to buy an expensive recreational vehicle which would become his principal residence. The question is whether a recreational vehicle can qualify as a protected homestead under Florida statutes and case law. There is a Florida Statute (222.05) …
Family partnership and limited liability companies provide asset protection in state court collection proceedings because creditor’s collection tools are limited by Florida statute to a charging lien on distributions. Less clear is how a debtor’s partnership interest or LLC interest would be treated if the debtor filed bankruptcy. The bankruptcy trustee is not necessarily limited to collection tools set forth …
For those of you who enjoy reading national articles about asset protection visit a recen article in Bloomberg’s online financial magazine. Link: Bloomberg.com: Bloomberg Wealth Manager Magazine.
Some asset protection and many bankruptcy clients have asked me how they can get a credit report for free.
I attended the Florida Bar’s annual asset protection conference in Miami where I spoke on the topics of attorney ethics in asset protection and the effect of the new bankruptcy law
Steve Leimberg’s newsletter issued on May 3, 2005, provided another analysis of the effect of the new bankruptcy law on asset protection planning. The newsletter entry written by Jay Adkisson and Cris Reiser states that the new bankruptcy law changes the debtor-creditor paradigm.
I have been receiving several email questions about the new bankruptcy law. One person complained because the new information was not yet incorporated on my website. This law is more complex than it seems. It raises many issues that will take years to resolve through court decisions.
The Senate’s immanent has been widely reported in the press. The bill proposes an effective date six months after it is signed by the President.
I received a call from an attorney in Alabama about his physician client who was interested in declaration of Florida residency and protection under Florida homestead law. The physician owned a house in Florida which he visited occasionally.
A caller asked me if a debtor could protect assets by legally changing his name and then conveying assets to his new legal name. He reasoned that this would not be a fraudulent conveyance because he was transfer title to himself, just under a new name.