Page 6 - Hobe Sound Reflections - August '20

Page 6, Hobe Sound

lEgal talk

Asset Protection – Taking of assets as a “tenancy by the entireties” (TBE). pass to them upon the death of a spouse or to alter the

In Florida, married couples jointly owning real estate
Advantage Of The ‘Free’ or other assets may do so in a legal form of ownership eventual disposition of assets upon the surviving spouse’s
subsequent death.
Options Florida Provides known as tenancy by the entireties’ ownership. However, in a family situation where both spouses
If you’re a Florida resident, so long as assets are intend for all jointly owned assets to pass to the surviving
By Ryan Abernethy jointly owned between spouses, a judgment creditor of spouse under the surviving spouse’s full control, joint
We’re often asked how one spouse can’t attach or otherwise gain ownership of TBE ownership of assets provides a simple way to
best to protect assets from assets owned by the married couple as tenants by the establish some basic level of asset protection.
the reach of future potential entireties, so long as the assets remain in that form of Florida law additionally (generally) fully exempts
judgment creditors. ownership. one’s homestead property from the reach of creditors. It
The best way is to This form of protection is not perfect. For example, it protects 100 percent of the homesteaded property’s value
terminate all contact with wouldn’t protect against a judgment entered against both up to a ½-acre located within a municipality and up to
the outside world (potential spouses. It’s only available while assets remain in this 160 contiguous acres outside of a municipality.
creditors): no business form of ownership. It also provides protection to assets held in qualified
dealings, no borrowing In Florida, a judgment can remain valid for many retirement plan accounts (IRA and 401(k) accounts) and
or credit transactions and years. If, during the time the judgment was valid, annuity contracts.
of course – no driving or tenancy by the entireties’ assets were no longer jointly If appropriate, these opportunities can provide
ownership of any vehicle. owned – either due to death of a spouse or divorce – the important asset protection. It’s crucial to meet with a
Unfortunately, that’s not possible. While there are outstanding judgment would at that time instantly attach qualified attorney or financial advisor to ensure that your
advanced “wealth preservation” strategies that may be to the unprotected asset. assets are “owned” or “invested” to take advantage of
designed and implemented to increase protection from Joint ownership isn’t always appropriate. In second protections offered by Florida.
“litigation risk” (measures that we frequently utilize to marriages or “blended families” (each spouse has children Ryan C. Abernethy, associate attorney and counselor
provide additional protection for our clients), Florida law from prior relationships), a goal may be to include at law at Abernethy Law Group, 130 S. Indian River
provides several “free” asset protection opportunities. “control” provisions in estate planning that prevent a Drive, No. 201, Fort Pierce can be contacted at (772)
One of the most powerful of these is the ownership surviving spouse from fully controlling all assets that 489-4901 or rabernethy@abernethylawgroup.com.

EducatiOn

CSC Provides Summer The YMCA received an additional $49,350. Its daily decreased to 72. Additional funding accommodates an
Academic Support To Kids annual contract with CSCMC calls for the nonprofit to additional 36, with two new locations at the City of Stuart
Shuffleboard Center and the Flagler Center, bringing the
serve 230 in Stuart and 40 in Indiantown.
Under CDC guidelines, that number was decreased total served to 108.
By Jackie Holfelder to 72 in Stuart and 27 in Indiantown. Additional funding Children in the county have lost almost six months
In March, seemingly with the flip of a switch, parents allowed for an additional 54 to be served at Martin County of formal in-classroom education. Studies show that
pivoted from sending children off to school or preschool Fairgrounds, bringing the total served to 153. 47-percent of the third-graders are not reading on grade
each morning to working at home, becoming teachers and Boys and Girls Clubs of Martin County received level and more than 50-percent enter kindergarten not
childcare center directors. additional stipends for its Hobe Sound Club of $24,619; ready socially or emotionally for school.
They oversaw virtual learning and daily assignments its Port Salerno Club of $20,582; its Indiantown Club of Thanks to this special funding from CSCMC, a
while managing the unknowns of a resilient silent but $28,975; and its Stuart and Palm City Clubs of $202,531, substantial number of young students were offered
contagious airborne virus. allowing an additional 180 to be served. programs that provided academic support to prevent
As summer loomed, the challenges of how to help the 2,000 BGCMC was also able to expand its services into summer slide.
children who typically participate in the annual programs that space at Stuart Middle School. To learn more about Children’s Services Council of
provide them with academic enrichment loomed large. The City of Stuart Parks and Recreation Department Martin County, visit www.cscmc.org.
Because of recommended CDC guidelines, additional received $57,807. Its daily annual contract calls for 140
space was needed to accommodate all the potential students, to be served. With CDC Guidelines, that number was Photos provided by YMCA of the Treasure Coast
and additional money to obtain it was essential.
The Children’s Services Council of Martin County
(CSCMC) jumped on board, with a special grant that helped
to fund the expansion of summer programs offered by such
organizations as YMCA of the Treasure Coast, Boys and
Girls Clubs of Martin County (BGCMC) and City of Stuart
Parks and Recreation Department.

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www.seabreezepublications.com

or call 746-3244
Some of the 153 students who participated in the YMCA of Counselor Ryan Siebe and some of the students enjoying
the Treasure Coast summer program YMCA of the Treasure Coast’s summer program.

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