Florida Estate Planning Lawyer
Asset Protection Strategies in Florida
Trying to build wealth? Excellent choice. Many people plan, write out a budget, spend wisely, save money, and accumulate wealth so they have a little (or a sizable) something to pass down to their children one day.
This is why estate planning and asset protection are so important: if your personal or business assets are inadequately protected from judgment creditors (in life or death), the inheritance you’ve worked so hard to build can easily be wiped out with a single bogus lawsuit.
There’s more to estate planning than just stockpiling possessions, a business partnership, investments, and savings. If you intend to keep and then pass down what you’ve rightfully earned, consult with an estate planning attorney on how to protecting your assets both in life and after your death.
At the Orlando business and real estate law firm of Pierce & Associates, P.L., our founder has more than 40 years of Florida real estate experience both as an attorney and as a real estate broker. We are highly specialized in real estate, estate planning, rights afforded to judgment debtors, and business law.
When you consult our firm for an estate planning appointment, you will meet directly with expert attorney John G. Pierce to discuss effective strategies to protect and seal your personal and business assets from bogus lawsuits and judgments.
Protect Your Business Assets
When you start your own business, you may not initially realize how important it is to protect your personal assets from liability in the event of a lawsuit. Of course, incorporation prevents personal liability in case your business is sued. However, incorporation may not sufficiently protect your business assets themselves.
For example, if someone sues you personally and gets a judgment against you, that judgment creditor may levy your portion of the stock in your corporation and effectively become the owner of your business.
If you form a limited liability company (LLC) instead and a judgment is entered against the LLC, the judgment creditor can get a charging order against distributions, but the judgment creditor cannot stop the LLC from ceasing distributions and instead paying salaries to its members. Florida law also does not allow wage garnishment of the head of household's salary.
When you’re trying to determine whether you want your small business or company to become a corporation or LLC, how do you decide which one is legally the best fit for you? Don’t be confused by the paperwork. Pay us a visit. We can help you jump start your new business venture!
Protect Your Financial Assets with Pierce & Associates, P.L.
It’s pretty much an everyday, menial task to open a new checking account, right? Not exactly. Even for the simpler things, it’s still wise to consider asset protection. For example, under Florida law, you cannot levy on jointly held assets if you have a judgment against only one party. Another example, if a judgment creditor gets a judgment against you, the creditor cannot levy on the bank account you share with your husband, your wife, or your parents.
What is a Judgment Creditor?
In the State of Florida, a judgment creditor is a person or company who wins a judgment against your liquid assets or property for the payment of a debt. This can include liens and wage garnishments.
Protect Your Florida Real Estate Assets
In Florida, homesteaded property is exempt from levy and execution of judgments. To protect your primary residence, you should ensure that it has homestead status. Furthermore, out-of-state residents who anticipate a large judgment against them in a civil suit may consider purchasing and homesteading real estate in Florida to protect their financial assets from the upcoming judgment.
Need More Information About These and Other Asset Protection Strategies?
Schedule a private consultation with experienced Florida real estate and business lawyer John G. Pierce. To make an appointment, call 407-982-7228 or use our online intake form.
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