Page 9 - Hobe Sound Reflections - January '20

Hobe Sound, Page 9

legal talk

Asset Protection In Florida – law provides several wouldn’t protect against a judgment entered against both
This form of protection isn’t perfect. For example, it
“free” asset protection
For ‘Free’ opportunities. spouses.
One of the most powerful Additionally, it is only available while assets remain
By Ryan Abernathy of these is ownership of in this form of ownership. In Florida, a judgment can
We’re frequently asked how to best protect assets assets as a “tenancy by the remain valid for years. If, during that period, tenancy by
from future judgments. The best way is to terminate all entireties ownership.” entireties assets were no longer jointly owned – due to
contact with potential creditors – no business dealings, This states that so death of a spouse or divorce – the outstanding judgment
no borrowing or credit transactions, and no driving or long as assets of a Florida would then instantly attach to the unprotected asset.
ownership of any vehicle. resident are jointly owned Additionally, joint ownership is not always appropriate.
Obviously, something that extreme is impossible. by spouses, a judgment In second marriages or “blended families” where each
There are advanced “wealth preservation” strategies that creditor of one spouse can’t spouse has children from prior relationships, their
can be designed and implemented to increase protection attach or otherwise gain ownership assets owned by the planning goal may include “control” provisions in their
from “litigation risk” (our office frequently develops married couple as tenants by the entireties, so long as the estate planning to prevent a surviving spouse from fully
such protection plans for clients); however, Florida assets remain in that form of ownership. controlling all assets that pass to them upon the other
spouse’s death or to alter the eventual disposition of assets
upon the surviving spouse’s subsequent death.
Champagne ~ ‘Not Just pass to the surviving spouse under the surviving spouse’s
If both spouses intend for all jointly owned assets to

For New Year’s!’ full control, joint “TBE” ownership of assets provides a
simple way to establish basic asset protection.
Generally, Florida fully exempts one’s homestead

property from a creditor’s reach, protecting 100 percent
By Laura Berrio, I recently traveled to Asheville, N.C. and joined of the homesteaded property’s value up to one-half acre
Freelance Writer/Blogger friends to check out a local Champagne bar, the Battery located within a municipality and up to 160 contiguous
Champagne has Park Book Exchange and Champagne Bar. acres outside of a municipality.
crossed over into the This Champagne bar absolutely delivered on creating Florida law also provides protection to assets held in
mainstream. I used to the experience. We enjoyed a bottle of Taittinger, Reims qualified retirement plan accounts (such as IRA and 401(k)
only drink Champagne Champagne while nibbling on macaroons. We were seated accounts) and to annuity contracts.
on New Year’s Eve, or at in a beautiful bar, surrounded by two floors of literature These opportunities can provide important asset
special events requiring with jazz music performed live in the background. protection when used appropriately. It is crucial to meet
a toast. Now, I am What was going to be a quick stop to check out this with a qualified attorney or financial advisor to ensure that
seeing a nice variety of establishment, turned into a two hour, laid back afternoon, your assets are “owned” or “invested” to take appropriate
Champagnes by the glass enjoying Champagne and catching up with friends. advantage of the protections offered by the State of
offered at my favorite To keep prices affordable, Champagne bars offer a Florida.
restaurants. variety of Champagne by the glass, half bottle or bottle.
Champagne bars are the new “in vogue” place to try If you are looking for a unique, fun, experience this
new bubbly! They create a sophisticated, yet affordable, weekend, check out the local Champagne bars in your
experience for the Champagne lover. The idea behind the area and let me know what your new Champagnes are!
Champagne bar is to create a relaxed, less pretentious ~ Cheers
setting to enjoy Champagne. ~ Keep the conversation going and the bubbly flowing!

From everyday care to

life-changing care.

We all want the same thing: to stay healthy. That’s
why we are committed to you and all of your health

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For more information, call 772.291.1255

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