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.
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.