Q. WHAT IS “FLORIDA ASSET PROTECTION”?
The often-misunderstood phrase “Asset Protection”
means planning choices for the assets you own with
the goal of minimizing loss of assets/wealth due to
lawsuits or misfortune.
“Asset Protection” need not be complicated, but
does require mindful consideration as to choices and
Asset Protection is not only for the rich or
wealthy. Do you own rental properties? Do you own
real estate? Do you own a business? Are you
considering a partner? DO YOU EXPECT YOUR WEALTH TO
GROW IN THE FUTURE? Then Asset Protection
considerations should be part of your planning.
The crucial first two questions in Asset
1. HOW DO YOU HOLD TITLE TO OR CONTROL YOUR
2. TO WHAT EXTENT MAY CREDITORS TAKE THESE
Could you arrange assets to make yourself a less
appealing target for lawsuits? YES!
Could you arrange assets to encourage
quicker/easier settlement of lawsuits? YES!
Are some assets “exempt” from creditor claims in
Should you wait until you are sued to begin Asset
Protection? NO! For a number of reasons Asset
Protection Planning should begin well before any
threat of lawsuit. The sooner one begins Asset
Protection Planning, the easier and more effective
these Plans can be.
Some considerations and concepts used in Asset
Protection Panning include:
Types of Creditors – Judgment Creditor,
Bankruptcy Creditor, IRS.
Owners of Real Estate
High Risk Jobs and Professions
Business Entity Choices
Florida Exempt Properties
Intra Family Transfers
Uses and limits of Insurance
How to title common assets – car, bank accounts,