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.
People seeking asset protection continuously underestimate the intelligence and powers of their creditors, especially government creditors.. A case in point is a client who consulted with me in March about potential lawsuits by private individuals and one or more government agencies seeking civil remedies. My advise was that the particular creditors, and particularly the government agencies, would within a week …
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.
Florida Statute 222.11 exempts for creditors salary and other compensation for personal services paid to the head of household of a Florida family. Many closely held businesses and self employed persons confuse the asset protection of this statute.
Someone presently domiciled outside of Florida asked whether they could do something in Florida which would allow them to be a Florida resident and still work and live in their present domicile. The answer is clearly “no way.”
Florida Statute 222.21 protects from creditors financial assets that qualify under specified sections of the Internal Revenue Code to include most IRAs, 401k plans, and other common tax “qualified” retirement plans.
Most parents accompany their children to get the child’s first drivers license at age 16. Did you know that this trip to the licensing agency with your minor child could expose you to serious liability.
Many clients who have established a business as a corporation, or even better, as a limited liability company are worried that their creditors who obtain a judgment will be able to pierce the corporation and attack their personal assets. This creditor tactic is referred to as piercing the corporate veil.
Interesting legal problem today involving a husband who was moving to Florida to find new work and a new house. His wife wanted to remain in another state with their child until the child finished high school. The couple had retained separate lawyers in contemplation of a divorce
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.