Estate Planning | Asset Protection
Estate Planning | After working a lifetime to aquire a home, personal property, money and other assets, don’t let them be taken away by creditors. Florida has many avenues for protecting assets that can be discussed with an attorney in the process of estate planning. It is best to be proactive and have these tools in place before a problem with a creditor comes up.
One of the easiest ways to protect assets is to have insurance coverage. Depending on the situation, it might be necessary to carry various types of insurance such as automobile, homeowners, business, life, etc., to be sure there is adequate coverage in case of an accident or injury.
Floridians should be sure to take advantage of Florida’s homestead exemption on real property. This exemption has requirements that must be met and the exemption must be applied for, but it keeps the residence free from the claims of most creditors.
Real property owned by married couples that is titled as “tenants by entirety” is not able to be divided into shares. Both parties own the whole and therefore, the property cannot be used to satisfy a creditor’s claim of one of the parties.
Annuities, IRAs, certain retirement plans, prepaid college savings plans, and medical savings accounts are also exempt from creditors which makes them a great place for keeping cash assets.
Disability and social security income are generally out of reach of creditors, except in a few instances.
A trust can be created to make sure that a spouse or a dependent is provided for. The items in the trust can be used for the benefit of the person without fear of creditors.
Florida offers a variety of options for protecting hard earned assets. With the assistance of an attorney and proper estate planning, these options can be maximized.
Don’t wait! We can assist you with all of your estate planning legal needs. Call to schedule an appointment with one of the top estate planning attorneys Tampa has to offer! Tampa office at 813-367-1500 or send us your questions online.