Page 11 - Martin Downs Bulletin - January '20

Martin Downs, Page 11

legal talk

Asset Protection In Florida – risk” (our office frequently develops such protection plans for Additionally, joint ownership is not always appropriate. In
clients); however, Florida law provides several “free” asset
second marriages or “blended families” where each spouse
For ‘Free’ protection opportunities. has children from prior relationships, their planning goal may
One of the most powerful of these is ownership of assets as include “control” provisions in their estate planning to prevent a
By Ryan Abernathy a “tenancy by the entireties ownership.” surviving spouse from fully controlling all assets that pass to them
We’re frequently asked This states that so long as assets of a Florida resident are upon the other spouse’s death or to alter the eventual disposition
how to best protect assets jointly owned by spouses, a judgment creditor of one spouse of assets upon the surviving spouse’s subsequent death.
from future judgments. The can’t attach or otherwise gain ownership assets owned by the If both spouses intend for all jointly owned assets to pass to
best way is to terminate all married couple as tenants by the entireties, so long as the assets the surviving spouse under the surviving spouse’s full control,
contact with potential creditors remain in that form of ownership. joint “TBE” ownership of assets provides a simple way to
– no business dealings, This form of protection isn’t perfect. For example, it wouldn’t establish basic asset protection.
no borrowing or credit protect against a judgment entered against both spouses. Generally, Florida fully exempts one’s homestead
transactions, and no driving Additionally, it is only available while assets remain in this property from a creditor’s reach, protecting 100 percent of
or ownership of any vehicle. form of ownership. In Florida, a judgment can remain valid for the homesteaded property’s value up to one-half acre located
Obviously, something that years. If, during that period, tenancy by entireties assets were within a municipality and up to 160 contiguous acres outside
extreme is impossible. There no longer jointly owned – due to death of a spouse or divorce of a municipality.
are advanced “wealth preservation” strategies that can be – the outstanding judgment would then instantly attach to the Florida law also provides protection to assets held in qualified
designed and implemented to increase protection from “litigation unprotected asset. retirement plan accounts (such as IRA and 401(k) accounts) and
to annuity contracts.
These opportunities can provide important asset protection
when used appropriately. It is crucial to meet with a qualified
attorney or financial advisor to ensure that your assets are
“owned” or “invested” to take appropriate advantage of the
protections offered by the State of Florida.
Two people. Treasure Coast

One great Outdoors

deal. By Jim Weix
The pompano run is on.
Sailfish are here and bottom
fishing is good. But this is the
time of year that I also want
to take a break from fishing
and grab the gun. My freezer
presently has a supply of mule
deer sausage, venison, and
black bear steaks.
I would like to say that this
was a result of my hunting
trips, but it was the charity of my son and his friends. My planned
hunting came to a halt this year due to the death of my 19-year-
old grandson, Nate, on Sept. 18 in Wisconsin. He was driving
to work at 6:30 a.m. when he was hit on by a guy apparently
driving in the wrong lane.
Mental health experts say that everyone deals with grief
differently. I find that working harder in real estate helps. Listing
properties, showing homes, and reviewing contracts is a good
way to keep my mind focused and distracted from sad events.
Another way of coping is getting back to the things that I
Reserve at Addington Place of Stuart NOW and bring enjoy, such as fishing, hunting, and target shooting. Fortunately,

along your spouse, sibling or friend. there are still plenty of opportunities to do all of them.
In Florida we can still
hunt gray squirrel, quail, and
For free. For the first year. otter until March 1. Bobcat
season runs until March 31.
Hogs, rabbit and coyote are
open all year.
That’s a savings of up to $12,000! We are also lucky enough

How’s that for the buddy system? to have plenty of places
to target shoot. You can
find everything from pistol
and rifle ranges, to trap
And what will the two of you find when you get here? A community shooting and sporting clays.
Many also offer hunting
founded on expert and compassionate caregivers, maintenance-free opportunities. Below are
living and amenities that matter. some of the places that you may want to check out:
Indian River Shooting Sports, Vero Beach: http://
• Chef-prepared dining options indianrivershootingsports.com
• Beautifully landscaped courtyards Indian River County Public Shooting Range: www.
goshootingirc.com
• Life-enriching activities Quail Creek Plantation, Okeechobee: www.
• 24-hour emergency call system quailcreekplantation.com
OK Corral Gun Club, Okeechobee: www.
• Onsite therapy and fitness center okcorralgunclub.com
Okeechobee Shooting Sports, Okeechobee: www.
To take a personal tour, or for more information on this limited-time okshooting.com

offer, please contact us at (772) 291-1095. South Florida Shooting Club, Palm City: www.
southfloridashootingclub.com
Editor’s note: Jim Weix is an avid hunter, angler,
conservationist, as well as an outdoor writer. Jim is included
in the Wisconsin Waterfowl Association’s Hall of Fame, for his
work in helping restore thousands of acres of wetlands. Jim is a
Of Stuart 3400 SE Aster Lane | Stuart, FL 34994 Broker Associate with The Keyes Company. He can be reached
at (772) 341-2941 or by email: jimweix@jimweix.com.
Independent Living ~ Assisted Living ~ Memory Care AddingtonPlaceStuart.com
Although his twin brother was killed in a car accident
in September, my grandson Connor still participated in the
Wisconsin November deer hunt this year.