Asset Protection

Asset protection is a process of insulating ones estate holdings against attack by creditors and plaintiff's attorneys.  Too often, decisions by judges or juries are based more on emotions rather than on facts or the law.  Unfortunately, the result is frequently a catastrophic damage award that wipes out a lifetime of hard work and investment.  A well-designed asset protection plan builds a protective barrier around the client's estate and shields family wealth from external creditor attack and frivolous lawsuits.  The most effective asset protection plan contains multiple layers of protection so that even if a potential lawsuit can defeat one implemented device, there are other defenses protecting the family's nest egg.  Because of this, asset protection is an essential building block of financial planning. 

Asset protection laws are different in each state.  Florida has some of the most liberal, debtor-friendly laws in the country.  Florida's asset protection laws apply primarily to it's citizens and those who own real property in the state.  Other pages in this website explain some of Florida's most important asset protection laws. 

A Florida resident is entitled to all the securities of the state's liberal asset protection laws.  Some Florida residents also own assets in other states.  Generally, the asset protection laws covering personal property, such as financial accounts and automobiles, are the laws of the state where the individual resides.  A Florida resident's personal property is covered by Florida's favorable asset protections laws regardless of where the accounts and assets are held. 

The asset protection laws covering real property, such as homestead and investment real estate, are the laws of the state where the real property is located.  If a Florida resident's real property is located in another state, then the asset protection laws of that state apply to the real property.