Asset protection planning, the process of proactively taking action to legally shelter assets, is something Florida residents should consider carefully at the same time as completing their estate plans. When it is done correctly and within the letter of Florida law, asset protection can mean assets will not be available in the future if you are the subject of a lawsuit or judgment. In addition, your assets will also be protected from creditors.
Jacksonville, Florida, Forefront Law helps clients by creating custom strategies designed to protect what each client holds most dear.
Common Asset Protection Strategies
There are a number of legal ways Florida residents can protect assets, providing a range of protection. In some cases, asset protection simply provides an added layer of privacy for financial assets. Other strategies are designed to be judgment-proof.
Some of the most common strategies and tools include:
• Real estate homestead classification
• Insurance protections
• Spouses owning property as Tenancy by the Entirety
• Establishing a Limited Liability Company (LLC) or other business entity
• Family Limited Partnerships (FLPs)
• Domestic Asset Protection Trusts
Because the best asset protection strategy for you will depend on your own situation, your attorney may recommend other strategies based on your unique circumstances and goals.
Contact Forefront Law
Because none of us knows what the future holds, the best time to do asset protection planning is now – before you need protection. If you wait until a judgment has been entered against you, it will be too late.
Asset protection planning is typically done in conjunction with more traditional estate planning. To learn more about how these strategies can help protect what you have worked a lifetime to accumulate, schedule an initial consultation with our team at Forefront Law today. Call the firm’s Jacksonville office at (904) 562-1369, or fill out our quick online contact form.