Asset Protection in Florida
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In Florida, asset protection is a process where individuals can protect their families’ income and assets from judgments or a garnishment, shielding them from the claims of creditors without violating state transfer rules. At Pazos Law Group, we provide effective strategies for asset protection in South Florida. If you are unsure of which assets are protected under Florida law, our legal team is willing to help provide the answers.
Florida State Asset Protection Laws
The state’s asset protection laws apply to permanent residents of Florida and people in other states who own property in Florida. These laws are among the most liberal, debtor-friendly laws in the United States.
The following are Florida asset protection laws:
- Homestead exemption – Florida deems that all homestead properties cannot be claimed by creditors. While it may sound like only an individual’s house is protected, the state also protects condominiums, mobile homes, manufactured homes, and up to 160 acres of land.
- Life insurance and annuities – Cash surrender value of life insurance policies and annuities are exempt if created to benefit someone other than the insured individual.
- Disability – Disability income benefits are exempt unless the policy was created to benefit the creditor.
- Limited partnerships and multiple member LLCs – Provide protection from a creditor receiving funds. It can be expensive for a creditor to try and receive distributions from an LLC.
Ready to Protect Your Assets Today
Our South Florida trust and estate lawyers have a strong grasp of the laws surrounding asset and creditor protection. If you believe that your property and assets require protection, Pazos Law Group is here to help.
Contact us and request a consultation immediately.