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.
There is a common misconception that a party has to either have filed a lawsuit against you or has a judgment against you to be considered your creditor for purposes of fraudulent conveyance law. Transfers or conversions of assets to evade creditors can be reversed or the transferee sued for the value of the conveyance.
Mr. Charles Clemons, who operates the asset protection website “thoroghbredinc.com” pointed out to me last week that an article touting the benefits of Nevis LLCs for asset protection appeared in a 2002 article in the online version of Forbes MagazineForbes.com: Buried treasure. Note that the article points out that Nevis LLCs, and offshore planning in general, does not involve hiding …
A common illegal tax evasion scheme is when U.S. taxpayers divert money earned to offshore bank accounts titled in the name of offshore corporations . The taxpayer does not pay tax on the money on the theory that he did not receive the money, but then the same taxpayer uses the money for personal expenses by charging expenses on credit …
I had a call from a prospective client who says his company is under investigation by the Security and Exchange Commission, and he wants to move money to an offshore trust. He asked whether this would protect his money from the SEC investigation.
Planning to build a home? Many people have asked me whether or not money used to buy a lot where they intend to build a residence is protected. Or, is money paid in advance to a contractor to build a homestead protected under Florida’s homestead provisions exempting homestead property from creditors. The short answer is “no.
People throughout the country are learning about the Florida Supreme Court case of Havoco v. Hill and its importance for Florida asset protection planning.
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.
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.