Fundamentally, asset protection planning involves taking potentially “exposed assets” (i.e. assets subject to creditor claims) and reallocating them such that they are exempt from creditors. Fortunately, Florida’s asset protection laws are quite fulsome and provide several options for asset protection, including:
- Florida Homestead,
- Head of Household exemption,
- Tenancy by the Entirety and Joint Tenancy,
- Irrevocable Trusts,
- Family Limited Partnerships,
- Limited Liability Companies (LLC),
- Offshore corporations and trusts,
- 401(k)s and IRAs,
- Life insurance,
- Federal retirement plans.
As you can see from this list, in order for your asset protection plan to be fully functional you need an asset protection attorney with expertise in a breadth of subjects.
We help our clients establish asset protection strategies to shield their assets and minimize risk to potential creditors. We are well-versed in an array of asset protection strategies:
- Domestic and offshore trust planning,
- Domestic and offshore business entity formation,
- State laws regarding asset exemptions.