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Best Asset Protection Strategies (3 Examples)
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Best Asset Protection Strategies (3 Examples)

Asset Protection Strategies in Florida

In this video, Gideon Albert discusses three common asset protection strategies in Florida: the Florida homestead, tenants by the entireties, and LLCs.

The Florida Homestead

  • The equity in your home is protected by the Florida Constitution itself.
  • Applies to any home that is a half acre or less if it's located in a municipality or if it's located outside the outside the municipality it's essentially unlimited.
  • The value of the home doesn't matter. Your home could be worth a hundred thousand or a million and it is still going to be protected.

Tenants by Entireties

  • A special form of ownership between married couples where they own an asset together as one unit.
  • To have an entirety's asset, the asset must be acquired after the couple is married at the same time and in the same document.
  • An entirety's asset is protected from claims against just one of the two spouses as a creditor. However, if both spouses are judgment debtors, then tenants by entireties affords no protection.

LLCs

  • An LLC can protect business interests or real estate because a creditor can only get a charging lien against the LLC as long as there's another member (multi-member LLC).
  • Assets held within an LLC that aren't regularly making distributions and not relied upon for income are effectively protected while they're in the LLC.
  • It's important to have an operating agreement for customized asset protection provisions that govern restrictions on transfer of any LLC interests. This stipulates what a creditor with a charging lien is allowed to do and whether they're allowed to gain access to the financial records and voting interests of the LLC.
  • The asset protection operating agreement can help hold off a judgment creditor with a charging lien against those interests in the LLC.

If you're interested in learning more about these strategies or other asset protection strategies, call 407-444-0404.

Video description

If a creditor has filed a civil lawsuit against you—or has already gotten a judgment—you may be wondering about the best strategies to protect your assets from the judgments. No law requires you to pay a judgment. Failing to pay a judgment creditor is not a crime, and you cannot go to jail for refusing to write a check to the judgment creditor. Florida provides many asset protection strategies to help you shield assets from potential judgment creditors. Asset protection planning techniques are based upon each person’s particular facts and legal situation. To avoid paying a judgment to creditors in Florida, you can use these asset protection strategies. My in-depth guide to asset protection strategies: https://www.alperlaw.com/florida-asset-protection/asset-protection-strategies/ Book a phone or Zoom consultation: https://www.alperlaw.com/schedule/