Understanding Florida Asset Protection Law
Wages, earnings and other compensation are covered under the law, and the cash value of insurance policies until you die. Only then can creditors collect what you owe them.
But there are no blanket safety nets available no matter how much wealth you have. Find out what an attorney can do to clarify Florida asset protection law for you by consulting with Eric and Roddy Lanigan of Lanigan and Lanigan.
Annuities, for example, have been found by the Florida Courts to be exempt from creditors. There are methods to help make certain you keep your money in the family.
From purchasing international annuities from Lichtenstein or Switzerland, which protect them from outside creditors or moving a U.S. business headquarters to Switzerland to take advantage also of the lower tax rate, there are legal, economically sound options to help maintain wealth and investments.
But hire a lawyer with the economic experience that includes years of asset protection, education and clients. Your financial future is a big decision so choose carefully and ask questions about asset protection knowledge.
Constitution and subsequent court rulings exempt what is called “homestead property” from creditors, and Florida courts have quite interpreted definitions of homestead property to include more than just a single-family home. Condominiums, manufactured homes, mobile homes and up to 160 acres of land are also covered, as long as it is considered your principal place of residence.
Pension, profit-sharing plans and Individual Retirement Accounts not only defer income taxes but are protected from creditors’ judgments, as well. Disability income benefits, prepaid college tuition plans, prescribed health products, unemployment benefits and even hurricane savings accounts are also protected.
If you have federal tax liabilities, don’t expect Florida to be your safe haven. The federal government will gets its money. Florida asset-protection attorneys recommend that the above considerations should be part of a proactive asset-protection planning program and not a knee-jerk reaction to difficult financial or legal circumstances that may present themselves.
Asset Protection Attorneys Lanigan and Lanigan, P.L.
Many Florida companies could have benefited from hiring a law firm early. Businesses that have not been correctly advised on how to setup, how to operate and as a result are not in a strong position. If a company wants to keep its doors open and it doesn’t want a mild creditor or a lawsuit to shut down an organization, it should consult with an attorney for plans to legally protect the company.
Contact an attorney to find out how asset protection methods can protect and secure your business from financial difficulty or a lawsuit before trouble appears.