Regional: South Florida Asset Protection Planning
July 5, 2004
By Monish Datta
South Florida Asset protection planning
involves figuring out and applying a lawful series
of techniques that protects your assets from claims
of future creditors.
The techniques are designed to deter potential
creditors from going after you, and frustrate them
if they do, generally by making it difficult or impossible
for future creditors to grab hold of your assets or
collect judgments against you.
Asset protection laws differ from state to state, they
are amongst the most liberal and debtor friendly in Florida. These
laws apply primarily to citizens of Florida and those who own property
in Florida. Some residents of South Florida own assets located in
other states, as well as in other parts of Florida.
A Florida resident's personal property is covered by
Florida's favorable asset protections laws regardless of where the
accounts and assets are held. Many people move to Florida just to
avail themselves of the liberal asset protection laws designed to
keep people out of the poor house
The following are some examples of South Florida Asset Protection
strategies that are used while devising plans :
The Florida Homestead, the constitution of Florida protects the
homestead of a Florida resident from attack by most creditors.
Family limited Partnerships, is an entity, like a corporation.
It can own assets and can conduct most activities that can be conducted
by individuals or a regular corporation.
LLC's or Limited Liability company. When a Florida business is
sued you can be protected from being sued personally when your business
is a Florida LLC.
Other popular devices are Joint tenancy property, Life Insurance,
Florida Corporations (in some cases).
There are also many other asset protection devises and strategies
that a qualified attorney can help you with in south Florida. Not
every one of the above asset protection devises will protect you
in every occasion. You should sit down and speak with an attorney,
preferably belonging to a firm located in south Florida, who is
qualified in asset protection, collection law and bankruptcy law.
Normally only an attorney who has seen how creditors will attack
your assets can give you the knowledge needed to protect your assets.
|
