Can a Lien Be Placed on Homestead Property in Florida? 25 Mar 5:58 AM (12 days ago)
The Florida homestead law is the strongest asset protection tool in the country. It lets homeowners completely shield their primary residence from most types of creditors. But many people misunderstand how the protection actually works...
Will You Lose Florida Homestead Protections If You Put Your Property in a Trust? 24 Mar 5:57 AM (13 days ago)
Florida offers some of the strongest homestead protections in the country. These protections shield your primary residence from most creditors, reduce your property taxes, and place restrictions on how the property can be passed on...
Tax Consequences of Lady Bird Deeds 18 Mar 5:56 AM (19 days ago)
A lady bird deed in Florida is a simple way to transfer real estate to beneficiaries while keeping full control of the property during your lifetime. It avoids probate and helps with estate planning, but...
What Happens if Someone Dies Without a Will in Florida? 11 Mar 2:04 AM (26 days ago)
When people die in Florida, the law requires that their assets are first applied to pay their debts, and then their remaining assets are distributed to whom they designate in their last will and testament...
Are 401(k)s Protected from Creditors? 3 Mar 12:39 PM (last month)
What Is a 401 K Plan? A 401(k) plan is a tax-deferred retirement savings plan named after Section 401(k) of the U.S. Internal Revenue Code. A 401(k) plan that allows you to defer taxation of...
IRA Protection by State 26 Feb 11:15 AM (last month)
The table below outlines whether IRAs and Roth IRAs are protected in each state and any special statutory conditions. State Statute IRA Exempt Roth IRA Exempt Special Provisions Alabama Ala. Code §19-3B-508 Yes Yes No...
What Rights Does a Spouse Have in a Florida Homestead? 25 Feb 2:00 AM (last month)
Your spouse has significant legal rights in their Florida homestead regardless of whether they own the property. A non-owner spouse has legal protections during their lifetime and inheritance rights after the homestead owner’s death. What...
Collection of Judgments by Federal Agencies 18 Feb 2:00 AM (last month)
Federal agencies, such as the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC), frequently pursue individuals and businesses in federal court for monetary damages and fines related to regulatory violations. The FTC...
What Are the Benefits of an LLC in Florida? 10 Feb 1:43 PM (last month)
What Is an LLC? A limited liability company (LLC) is a business entity that provides liability protection while allowing flexibility in management and taxation. Florida law governs the formation and operation of LLCs, making them...
Offshore Trust Reporting Requirements 2 Feb 3:52 PM (2 months ago)
Offshore trusts are powerful tools for asset protection. They work by placing assets outside the jurisdiction of U.S. courts. We often recommend offshore trusts for clients who need more protection than Florida’s asset protection laws...
Asset Protection For High-Net Worth Individuals 28 Jan 2:18 AM (2 months ago)
What Is Asset Protection? Asset protection refers to the use of legal tools and financial investment to protect your assets from civil judgments. Florida law has made several types of assets exempt from the collection...
What Is the Difference Between a Lady Bird Deed and a Trust? 21 Jan 2:00 AM (2 months ago)
What Is a Lady Bird Deed? A lady bird deed transfers property upon your death to designated beneficiaries but retains full control over your their lifetime, including the ability to sell, mortgage, or change beneficiaries....
How to Add a Name to a Deed in Florida 20 Jan 12:01 PM (2 months ago)
Adding a name to a property deed in Florida requires preparing a legally valid deed, ensuring proper execution, and recording the document with the county. This process must follow Florida property laws to ensure the...
Can You Lose Your House Due to At-fault Car Accident in Florida? 17 Jan 8:05 AM (2 months ago)
The Florida homestead exemption protects your home from forced sale due to most debts, including judgments from car accident lawsuits. This exemption applies if your home is your primary residence. According to Florida law, the...
Can an Offshore Trust Protect Assets in Divorce? 14 Jan 2:00 AM (2 months ago)
We often receive client inquiries about protecting their assets in divorce. Divorce can lead to civil judgments against a spouse to fund various financial needs of a former spouse and children. Judges may order a...
Keeping Control of Assets in an Offshore Trust 7 Jan 2:00 AM (2 months ago)
An offshore asset protection trust is an irrevocable trust formed under the laws of a foreign country that has favorable asset protection laws. Offshore trusts protect assets from your creditors and lawsuits. Offshore trusts also provide enhanced...
How to Create a Trust in Florida 24 Dec 2024 2:00 AM (3 months ago)
1. Choose Between Revocable or Irrevocable Decide if you need a revocable living trust, which can be altered during your lifetime, or an irrevocable trust, which cannot be easily changed once established. Your choice depends...
How Much Does Probate Cost in Florida? 20 Dec 2024 4:04 AM (3 months ago)
Understanding the costs associated with probate in Florida is essential for effective estate planning. These expenses can significantly impact the assets intended for your beneficiaries. One of the main reasons to avoid probate is to...
Vehicle Levy and Repossession: Can a Creditor Take Your Car? 17 Dec 2024 2:00 AM (3 months ago)
A Florida creditor can seize your car through a process known as a vehicle levy. The process is carried out by the Sheriff’s Office at the request of the creditor. Understanding Car Levy in Florida...
What Is an Offshore LLC and How Does It Work? 10 Dec 2024 2:00 AM (3 months ago)
An offshore limited liability company (LLC) is a limited liability company established in countries known for favorable asset protection and tax efficiency laws. Many of our clients are interested in establishing offshore LLCs to provide...
How to Choose a Business Structure in Florida 2 Dec 2024 2:00 AM (4 months ago)
Choosing the best business structure is an important decision for our client entrepreneurs. In Florida, business owners can select from various structures, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each structure has...
Advantages of Offshore Trusts 25 Nov 2024 2:00 AM (4 months ago)
The main advantage of an offshore trust is asset protection. In addition, an offshore trust provides people provide financial privacy and flexible estate planning options. What Is an Offshore Trust? The term “offshore trust”...
What Should Be Included in a Financial Plan to Protect Your Assets? 21 Nov 2024 3:30 AM (4 months ago)
A financial plan is a comprehensive strategy that outlines your current financial situation, goals, and steps to manage income, expenses, investments, and savings for future stability and growth. It is a roadmap to help you...
How to Protect Real Estate with an Offshore Trust 18 Nov 2024 8:39 AM (4 months ago)
An offshore trust is a sophisticated asset protection tool designed to move assets outside the reach of U.S. creditors and jurisdiction. Offshore trusts, especially in trusted jurisdictions like the Cook Islands, offer effective protections for...
Are Foreign Bank Accounts Legal for US Citizens? 14 Nov 2024 4:53 AM (4 months ago)
Offshore bank accounts legally offer some advantages over domestic bank accounts. However, opening an offshore account takes effort, and there are important reporting requirements. What Is an Offshore Bank Account? An offshore bank account is...
Are IRAs Protected from Creditors in Florida? 11 Nov 2024 11:26 AM (4 months ago)
Yes, in Florida, IRAs (Individual Retirement Accounts) are protected from creditors. Florida law offers some of the most extensive protections for retirement accounts in the country. How Florida Law Protects IRAs Florida Statute 222.21 protects...
Can a Trust Own an LLC in Florida? 7 Nov 2024 4:00 AM (5 months ago)
Yes, a trust can own an LLC. This arrangement is often used to enhance asset protection for the trust, better manage estate planning, and streamline the transfer of assets. When a trust owns an LLC,...
What Is a Florida Pour Over Will and How Does It Work? 4 Nov 2024 5:47 AM (5 months ago)
A pour over will in Florida is a legal tool that directs any assets not already in a living trust to be transferred into the trust upon your death, ensuring that your estate plan is...
Can a Florida Trust Own Property in Another State? 31 Oct 2024 2:20 AM (5 months ago)
Yes, a Florida trust can own property in another state. When you establish a trust in Florida, it can hold various assets, including real estate located in other states. This allows you to manage out-of-state...
Can a Bank Account in Another State be Garnished? 28 Oct 2024 5:35 PM (5 months ago)
A bank account held in another state cannot be garnished by a Florida court. Florida courts have consistently ruled that a valid garnishment requires both in-personam jurisdiction (over the person) and in-rem jurisdiction (over the...
How a Florida LLC Operating Agreement Can Protect Your Assets 28 Oct 2024 4:00 AM (5 months ago)
An LLC can be an effective asset protection tool in Florida in two ways: (1) protection from claims against the LLC and (2) protection from claims against the LLC member. Claims Against the LLC First, the LLC...
Can a Creditor Take Your Car in Florida? 21 Oct 2024 4:00 AM (5 months ago)
The simple answer is yes. A creditor can take your car in Florida, but only under certain conditions. If you’ve used your car as collateral for a loan, like an auto loan, the lender can...
Top 10 Asset Protection Mistakes 17 Oct 2024 4:00 AM (5 months ago)
1. Not understanding the purpose of asset protection Asset protection will not make a debtor “judgment proof.” However, asset protection may improve the debtor’s settlement negotiating position by making it harder for judgment creditors to levy on...
Proceedings Supplementary in Florida 14 Oct 2024 4:00 AM (5 months ago)
What Is Proceedings Supplementary? Proceedings supplementary is a legal process in Florida that allows a creditor to collect on a judgment when the debtor has not satisfied the court-ordered payment. When a creditor obtains a...
Cook Islands Trust vs Nevis Trust 7 Oct 2024 2:26 AM (6 months ago)
Both Cook Islands Trusts and Nevis Trusts are among the most popular offshore trust options. They offer strong legal frameworks that protect assets from creditors and lawsuits. However, deciding which jurisdiction is the best fit...
Cost to Establish a Cook Islands Trust 26 Sep 2024 6:33 AM (6 months ago)
The cost to establish a Cook Islands trust generally ranges between $10,000 to $25,000 for initial setup, with ongoing annual fees typically between $3,500 to $6,000 for trustee services and legal maintenance. The exact amount...
The Most Frivolous Lawsuits Ever Filed 20 Sep 2024 11:03 AM (6 months ago)
Lawsuits are designed to resolve genuine disputes and ensure fairness. However, not every case that makes its way into court has merit. Some lawsuits are widely viewed as frivolous—cases filed with little or no legal...
What It Costs to Set up an Asset Protection Trust 20 Sep 2024 10:44 AM (6 months ago)
An asset protection trust is either a domestic irrevocable trust or an offshore trust. They have different costs depending on the type of trust. Initial Setup Costs The main expense is the cost of establishing...
What Does a Trust Attorney Do? 20 Sep 2024 10:35 AM (6 months ago)
A trust attorney drafts your trust, prepares your will and related documents, and helps you make informed choices with your overall estate plan. Drafting and Structuring Trust Documents One of the primary responsibilities of a...
What Are the Disadvantages of a Trust in Florida? 20 Sep 2024 10:28 AM (6 months ago)
While trusts are one of the most effective tools for estate planning, they have some disadvantages too. The main disadvantages of a trust are its cost, maintenance responsibilities, lack of control of irrevocable trusts, and...