An Asset Protection Attorney Dedicated to Protecting You.
It is important to plan financially for both good times and bad times. Asset protection is a plan for the times in our life that we would prefer to forget, such as being sued by a creditor or individual. Certain assets are protected from creditors—your retirement savings or home, for example—but due to the laws in place that protect creditors and prohibit certain asset protection practices after a certain period of time, proper asset protection practices need to be carried out by an experienced asset protection attorney with an in-depth understanding of both tax law and civil law.
Exempt Assets
Certain assets are exempt from garnishment or forced sale by creditors. Exempt assets are defined differently in each state’s respective laws. One of the goals of asset protection is to transfer assets to the exempt category within the limits of the law. In Florida, some of the most common exempt assets are homes; cars; retirement plan, like IRAs or Roth IRAs; life insurance policies; and annuity contracts.
Nonexempt Assets
The importance of asset protection strategies is demonstrated by nonexempt assets. All property that does not fall under an exemption can be used by a creditor to satisfy a debt. This includes assets that are not in your possession or are located in another state.
Asset Protection Trusts
The laws of certain states provide some legal mechanisms to protect assets. One of these mechanisms is an asset protection trust (APT). Only certain states have statutes allowing asset protection trusts and each state defines the types of assets that can be placed in these trusts. However, asset protection trusts are an effective way to protect certain assets that might otherwise be nonexempt assets under Florida law.
When you are considering utilizing an asset protection trust, it is important that you work with an asset protection attorney that is knowledgeable about the different states that allow these trusts, the benefits and drawbacks of placing property into an APT, and what types of assets are eligible to be placed in a APT.
Start Protecting Your Assets as Soon as Possible.
An effective asset protection strategy is implemented well in advance of a claim on assets being filed. If you even suspect that a claim could arise, it is important that you begin the asset protection process as soon as possible.
Each state has laws that prohibit the transfer of nonexempt assets to purposely avoid claims by creditors or diminish claims brought by creditors. In Florida Statute 726.105(1)(a), one type of transfer that could be considered fraudulent is a transfer made “With actual intent to hinder, delay, or defraud any creditor of the debtor”. Creditors have several options they can explore as remedies against fraudulent transfers including seeking judicial relief that would prohibit the transfer to occur and obtaining a lien or judgement against the asset to satisfy the debt.
However, a lot of asset protection techniques hinge on the actual knowledge that you could have a potential debt. So implementing a strategy as soon as possible is an effective approach to protecting your assets.
Our attorneys have years of practice in the intricacies of asset protection techniques. If you suspect that you could be exposed to potential claims by creditors or lawsuits, call our office to receive a consultation that will protect you in the future.
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Asset Protection Lawyer Miami | Miami Asset Protection Lawyer
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Aggressive asset protection attorney in Miami, FL assisting clients with protecting assets from creditors, lawsuits, and judgements. Contact our office now to start protecting your assets.