Asset Protection Defined
Asset protection is a process by which you can guard your assets against attack by creditors or lawyers. A well-constructed asset protection plan can allow you to shield your assets from such dangers as a frivolous lawsuit or other catastrophic blow to the estate you’ve worked so hard to build.
As a fundamental building block of any proper financial plan, asset protection can help ensure that your goals and plans come to light without the threat financial decimation. The investment cost of seeking the assistance of an experienced asset protection attorney far outweighs the cost of any such devastating blow to your family’s financial future.
The skilled attorneys at LaBovick Law Group will offer knowledgeable advice and inform you of what asset protection tools are available for use in your family estate plan or business plan. While asset protection will not make you invincible to judgment, having a well-designed asset protection plan in place will certainly help shield your estate from attack by attorneys and creditors. With that, it is never too late or early to develop an asset protection plan for your estate.
Florida Statutes and Asset Protection
In America, each state has different laws pertaining to asset protection. The asset protection laws in the State of Florida are some of the most debtor-friendly and liberal in the nation. These laws apply to Florida citizens and sometimes to people who own real property in the state. The following are some important aspects to consider when planning your asset protection strategy in Florida:
Florida Residency: In Florida, only residents of the state and people who show intent to maintain a permanent Florida residence may take advantage of the state’s liberal asset protection laws. If you concurrently own a residence in another state in addition to Florida, filing a Declaration of Domicile car serve as your intent to designate Florida as your state of residence.
According to the Florida Statues, the following are additional relevant factors used to consider a person’s intent to establish permanent residency in Florida:
- Your designated mailing address is in Florida
- You have a Florida drivers license;
- You’re registered to vote in Florida
- Your place of employment is in Florida
- You file your federal income tax return using a Florida address
Florida Homestead Protection: In Florida, the state’s constitution exempts homestead property from execution and levy by judgment creditors. In addition to single-family houses, the Florida Constitution also affords protection to condominiums, mobile homes, and manufactured homes. In order to qualify for homestead protection, your Florida homestead must be your primary residence, and you must be a permanent resident of the state. However, you should consult a Florida asset protection attorney for other factors and variables pertaining to homestead protection in Florida.
Statutory Exemptions: Included in Florida’s liberal asset protection laws are numerous statutory exemptions. However, these benefits are only available to permanent residents of Florida. Statutory exemptions include but are not limited to:
- Wage or Salary Exemption
- Exemption for IRAs, Pension Plans, and Profit Sharing Programs
- Life Insurance Policy Exemption
- Automobile Exemption
- Disability Income Exemption
- Other Miscellaneous Exemptions
When it comes to protecting your assets, you deserve the help of an experienced and qualified Florida Asset Protection attorney to help you design a well-constructed plan for your future. Call 1-888-777-3884 now to speak to a qualified Florida Asset Protection lawyer about your matter. We also help clients in need of probate assistance, estate planning attorney, wills, trust attorney, guardianships and other areas of importance.
The Asset Protection lawyer Palm Beach of LaBovick Law Group help clients protect their assets throughout Florida, including Palm Beach, Martin, St. Lucie, and Broward counties, and the cities of Palm Beach Gardens, Jupiter, West Palm Beach, Boynton Beach, Stuart, Port St. Lucie, Delray Beach, Lake Worth, Boca Raton, Deerfield Beach, Fort Lauderdale and many other areas.