Offshore trust planning is a highly-publicized method of asset protection. Offshore planning involves establishing legal entities in favorable foreign jurisdictions under the control of trustees who are neither United States citizens nor persons having a business presence in the United States.
Florida limited liability companies (LLC) are a popular tool in business planning. Many lawyers use the LLC as an alternative to the Subchapter S corporation as the preferred legal entity for new businesses.
Asset protection is a process of insulating your estate assets against attack by creditors and plaintiff’s attorneys.
Many people question whether even the most complicated and sophisticated asset protection plan actually defeats creditor’s claims, especially where the asset protection plan is designed and implemented close to a judgment being entered or a lawsuit being filed.
In Florida, our home is truly our castle, a castle that is impenetrable by creditors. The Florida Constitution exempts homestead property from levy and execution by judgment creditors. Florida courts have liberally expanded definitions of homestead property which includes more than just a single family house. Condominiums, manufactured homes, and mobile homes are also afforded homestead protection. The Constitution defines …
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 …
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.
Some creditors have tried to sue debtor’s attorneys and financial advisors for assisting the debtor in making fraudulent transfers. Creditors have tried to sue the debtors’ third party advisers for conspiracy to make fraudulent transfers or for aiding and abetting a fraudulent transfer.