If you have accumulated assets in Florida, it may be time to consider asset protection. Why? Because you should be able to protect the assets and investments you have created over your lifetime and ensure they are not wiped out by creditor claims. In the blog post below, we will explain in detail what asset protection is and how an experienced Florida asset protection attorney can help you with this complex area of law.
What Exactly Is Asset Protection?
Asset protection refers to methods that are used to shield a person’s assets that would otherwise be susceptible to judgment creditors. While asset protection can be used both before and after a lawsuit is filed, the process is NOT about keeping secrets, hiding assets, or trying to defraud creditors. Rather, the goal is to position property that is vulnerable to seizure by potential creditors in a way that minimizes losses.
How Does Asset Protection Work?
Asset protection planning uses legal analysis of various factors to figure out the degree of protection a person needs against creditors who are attempting to legally seize the individual’s assets.
When set up correctly, there are many benefits to asset protection planning. For instance, asset protection can:
- Protect your assets from divorce settlements.
- Protect your assets from creditors.
- Protect your assets from extensive medical expenses where there is limited or no health insurance coverage.
- Protect your assets from lawsuits.
- Protect your assets from assisted living facilities.
- Protect your inheritance from creditors and divorce.
- Protect your business assets from creditors and lawsuits.
It is also important to note that having solid asset protection does not mean that a creditor cannot get a judgment against a person. Instead, it means that these creditors will have difficulty collecting on these judgments. This can make it much easier to settle claims and protect assets from being seized.
Asset Protection in Florida
Florida is well-known for its favorable laws when it comes to protecting assets from creditors. For instance, Florida’s homestead law protects an unlimited value in a person’s homestead property. These state laws also safeguard head of household wages, annuities, retirement accounts, tenants by entireties assets, life insurance, disability insurance, and so much more.
However, to better understand the protections available and how to safeguard your assets, consider reviewing these laws with an experienced Florida asset protection lawyer. These legal professionals can answer the questions you have and come up with strategies that can best protect your assets.
In fact, when you work with these attorneys, they can:
- Examine your specific legal circumstances.
- Create a list of all your incomes and assets, and figure out which of these assets are protected and which ones could be vulnerable.
- Determine the legal options you have in protecting the vulnerable assets.
Contact The CYA Law Firm Today To Learn More About Asset Protection in Florida
If you are looking to learn more about asset protection in Florida or want more details about developing a plan that best suits your individual needs, contact The CYA Law Firm and schedule your free consultation with Attorney Adalbert “AL” Martinez today.