Separate Judgments Against Each Spouse And Entireties Protection
Creditors who have a sizable claim against on spouse residing in Florida sometimes will assert creative theories to impose liability on the other spouse so in order to overcome tenants by entireties...
View ArticleCourt Calls Divorce Asset Distributions A Fraudulent Transfer
Often, clients facing a significant judgments ask me whether they should divorce their spouse for asset protection. They consider a legal divorce in which their non-debtor spouse would receive all of...
View ArticleCan Parents Jointly Own Property With Child By Entireties?
An interesting tenants by entireties problem came up last week when advising a gentleman who lived in Colorado, but owned a Florida real property together with his elderly mother and father. The...
View ArticleFlorida Charging Lien Law Will Apply To LLC Formed in Another State
I often see new clients who tell me that they have previously formed an LLC in other states whose LLC laws protect from creditors the interests of a single-member LLC . These “favored” states include...
View ArticleClient Plan To Protect Owner-Financed Mortgage Receivable
One of my clients explained his plan to protect a mortgage he held as part of his owner-financing of his sale of an investment rental home. The debtor and his wife sold a house and agreed to finance...
View ArticleOwning a Professional LLC With a Non-licensed Spouse By Entireties
People holding professional licenses often want to operate their business through a Florida limited liability company for tax planning. Ownership of the professional LLC raises planning and regulatory...
View ArticleNew Florida LLC Law Restricts Distributions to Members
The new Florida LLC law changes the rules about distributions of cash and other assets to LLC members. The law makes it difficult for an LLC facing a potential lawsuit to dissipate is collectible...
View ArticleAre Spendthrift Trust Interest Protected From IRS Tax Liens?
The protections afforded a beneficiary’s interest in a spendthrift trust is settled Florida law. A judgment creditor cannot levy upon a debtor’s interest in future trust distributions so long as the...
View ArticlePerfecting A Judgment: Difference Between Real and Personal Property
A caller said he was trying to collect a judgment who owned a parcel of non-homestead property in Volusia County, Florida. He said he had recorded his judgment “with the state” and wanted to know if...
View ArticleAre Employee Benefits Subject To Wage Garnishment?
Most judgment debtors do not qualify for a head of household exemption from continuing garnishment of salary and wages provided by Florida Statutes. . On such debtor asked me about whether certain...
View ArticleNew York Times Article on Cook Islands Asset Protection Trusts
The New York Times published an article this past weekend regarding Cook Islands asset protection trusts. The article suggested that these offshore trust provide excellent protection for even the most...
View Article$750 Wage Garnishment Ceiling in Florida
Florida’s wage garnishment law is brief, but it can be complicated. I find that some people misunderstand the wage garnishment issues expressed in the Statute . A client asked me if there is a $750...
View ArticleDoes Prior Judgment Attach to Newly Purchased Homestead?
Florida homestead protectio n from judgments takes effect when you actually move into the house you own. Moving in to a homestead will not remove the lien of a judgment that was recorded if you owned...
View ArticleRevisiting Georgia Statute That Imports Florida Exemptions
Can a Georgia resident protect from a judgment creditor his Georgia residence pursuant to the an unlimited homestead exemption provided by Florida Constitution? He can if the creditor obtained his...
View ArticleHomeowners Face New Tax Liability in 2014 From Foreclosures
Since the recession started in 2007 people facing foreclosure of their primary residence were concerned mostly with deficiency judgments against them personally. Deficiency judgments mostly did not...
View ArticleDebtor Relying On Offshore Trust Is Held In Contempt
Most offshore asset protection plans , and similarly complicated domestic plans, do not hold up if a motivated creditor pursues its attacks through a vigorous legal challenge including appellate...
View ArticleIncome Tax Consequences of Asset Protection Plan
A very effective asset protection plan could lead your judgment creditor to abandon efforts to collect a judgment based upon a money debt and decide to write off the loan or settle for a very small...
View ArticleIs Debtor’s Deposit of His Own Money To Joint Bank Account A Fraudulent...
Generally, when a spouse who is subject to a money judgment transfers his separate property to joint ownership with his non-debtor spouse, the transfer is subject to challenge as a fraudulent...
View ArticleHow Long Does Judgment Attach To Real Property?
A client suffered a judgment twelve years ago, and the creditor recorded the judgment in the county where the debtor resides. The debtor has moved to a new home in 2013, and he rented the old home. He...
View ArticleAttorney Reports Charging Lien Assigns Tax Liability to Creditor
Many people believe that one of the principal benefits of LLCs or partnerships is that a creditor’s charging lien makes the creditor liable for the debtor’s share of income tax associated with his LLC...
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