U.S. Supreme Court Rules in Favor of IRS in Estate Tax Concerning Shareholders’ Life Insurance Policy Proceeds
The U.S. Supreme Court recently issued a unanimous opinion in Connelly v. Internal Revenue Service. This ruling resolves a common estate tax issue for corporate shareholders in favor of the IRS. The high Court’s decision creates various estate planning opportunities to avoid placing an increased estate tax burden on the owners of closely held corporations. […]
Golf Cart Owners and Personal Injury Liability Under Florida Law
Individuals who own significant assets must be aware of the potential consequences of a court judgment from an unexpected accident or financial exposure. While one might think of lawsuits stemming from car accidents, professional malpractice, or business disputes as the most common source of substantial financial liability, significant financial exposure might come from where you […]
O.J. Simpson & Florida’s Asset Protection Benefits After Death
When you hear of asset protection, you typically think of how it can benefit you and your family during your lifetimes. However, Florida offers distinct advantages during life, but also for the smooth transfer of wealth to your loved ones after you pass away. By way of example, we will be looking at the asset […]
Partition Action: Forcing the Sale of Jointly Inherited Property
If a partition action is necessary, you should seek help from a knowledgeable attorney. When an individual who holds real estate solely in his or her name passes away, real estate ownership must pass to the person’s heirs through the probate process. If the person left a will, the real estate and other probate property […]
4 Major Reasons that You Need Asset Protection Planning
No matter your financial situation, you likely want to engage in asset protection planning to the greatest degree possible. You want to be able to provide for yourself and your family throughout your lifetime. You also may want to leave an inheritance and means of support for your loved ones after your death. Whatever your […]
4 Ways to Protect Your Real Estate from Creditors
When you owe debts stemming from a failed business endeavor, a lawsuit, or a poor investment, you must protect the property you own from creditors seeking to collect those debts. As your real estate is often your most valuable asset, protecting it from creditors often is a major goal for many Florida residents. Fortunately, Florida […]
Retirement Accounts and Asset Protection
No matter how careful, diligent, or professionally successful you are, owning a business always involves some degree of risk. A lawsuit, accident, or poor investment can easily lead to financial disaster despite your hard work and meticulous planning. Therefore, you should always take steps to protect your personal assets, including retirement accounts, from the reach […]
What Are Super Creditors? Can I Protect My Assets from These Creditors?
Florida law provides generous asset protection from many creditors. However, some types of creditors – so-called “super creditors” are not always subject to the same asset protection laws and rules as other creditors. Therefore, as you go through the asset protection planning process, you should understand the challenges and limitations that these super creditors pose. […]
2 Reasons You May Need Asset Protection Planning
Lawsuits, failed businesses, malpractice, guarantees, leases and other debts can lead to a loss of assets and wealth.. Fortunately, engaging in effective asset protection planning can help you minimize the risks of losing your assets to creditors. By preserving your assets, you can enjoy the wealth you have worked to accrue and have a financial […]
Am I Really Judgment Proof?
A common way for a creditor to collect a debt is to sue the debtor and obtain a judgment against him or her. But what if the debtor is judgment proof? A judgment is a court order stating that the debtor is liable to the creditor for a specific amount of money. The creditor then […]