Generally speaking, the Florida consitution protects homestead property owned by a natural person. But, what happens if a person deeded their homestead to their living trust, and as a result the legal title is held in the name of the trustee for the trust.
Many lawyers and attorneys do not tell their clients about the exceptions in Florida law to homestead protection.
One problem of having a judgment entered against you is that the creditor’s attorneys can attack any lawsuit you have, or any claim which you may have in the future, against any third party.
A prospective client called and asked whether the Florida homestead protection extends to IRS debts where the IRS debt pertains to one of the two spouses who own the homestead.
Retirement plans that are established under a body of federal law referred to as ERISA ( Employee Reitement Security Act of 1974) are protected from creditors pursuant to Florida Statute 222.21.
There are some creditors against whom asset protection is extremely difficult. These creditors include government agencies such as the IRS, SEC, and FTC, and your spouse.
529 Plans are named under the section of the IRS code that creates and regulates them. These plans provide for a way for a parent or grandparent to invest and save for a child’s education.
I recently saw a question concerning a parent who wanted to give money to a child, but where the child had judgment creditors due to the child’s failed business. The parent wanted suggestions how to give money to help the child without the gift being seized by the child’s creditors.
An Utah man will spend 10 years in federal prison for scamming more than 50 investors out of nearly 15 million dollars. Kirk Koskella was sentenced earlier this month in Utah for his role in setting up honey “offshore trusts” in the 90’s to reduce tax liability for investors in several states. Koskella is the first of eight people charged …
Another article about doctors dropping malpractice insurance in today’s (March 23, 2004) Wall Street Journal in the Personal Business Section. Article says doctors are trying to get patients to waive their right to file “frivolous lawsuits”. Also, physicians have threatened to file counter-claims against any patient who files lawsuit against them in order to intimidate patient and to delay the …