ASSET PROTECTION
PROBATE ATTORNEY IN PORT ST LUCIE AND PALM CITY, FLORIDA

ASK ABOUT SPECIAL RATES FOR OUT OF STATE CLIENTS

WHAT IS ASSET PROTECTION?

Did you know that Florida is one of the most debtor-friendly states? Florida’s asset protection laws are quite liberal and allow many individuals to keep their property regardless of the status of their debt. Asset protection is the process of securing your assets from future lawsuits and creditors. Let the experienced asset protection attorney on the Treasure Coast speak with you and help explain your legal options for safeguarding your estate and providing for your family.

TYPES OF ASSET PROTECTION

There are a variety of ways to safeguard your estate from creditors in the State of Florida. Although they may seem simple, each method of protection contains a wide variety of exceptions that may expose your property to creditors. Experienced probate attorney in Florida Jon L Martin can review your unique legal situation and explain what asset protection tools are the best for your specific needs.

Homestead Exemption

One of the most notable debtor-friendly laws is Article X, Section 4 of the Florida Constitution which prohibits the forced sale of a homestead to pay debts. A homestead can be half an acre if it is located in a municipality and up to 160 continuous acres in any county if it is a permanent homestead for a Florida resident.
You can technically invest in a large, expensive house or use non-exempt assets to pay for a house, even if the transfer’s purpose was to protect assets from creditors. Contact Florida probate attorney on the Treasure Coast Jon L Martin to learn more about certain exceptions to the homestead exemption.

Jointly Owned Property

Tenants by the entirety will provide asset protection in Florida for any real or personal property if only one spouse owes money. Available only to married couples, tenants by the entireties is a form of joint tenancy that gives both spouses joint ownership, control and interest in the property. Additionally, the spouses must have been married at the time and have purchased the property together. There are certain downfalls to this type of asset protection, however, including divorce and death of the spouse who does not owe the creditor that our law firm can discuss with you.

Estate Planning Trusts

Transferring money to another individual through the use of an irrevocable trust can be a valuable tool to your estate plan. Certain provisions, such as spendthrift provisions that do not allow you to assign the money you are receiving from the trust, can help protect trust funds from creditors.

Discretionary distribution provisions also provide protection because they allow the trustee to distribute funds to a beneficiary according to his or her discretion. The rules placed on trusts are confusing and complex. Experienced Florida probate attorney in Port St Lucie and Palm City Jon L. Martin can help you with all of your asset protection needs.
ASK ABOUT DISCOUNTED SERVICES FOR OUT OF STATE CLIENTS