Experienced Lawyers For Asset Protection
If you own real property in Florida that you rent either residential or commercial, you have a real need for effective asset protection planning. In Florida, the owner of real property is liable to injured parties just as is the tenant or one occupying the building that is being rented. Premises liability puts the landlord at risk. You should always consider placing rental properties, residential or commercial, into a protective legal entity. The most common choices include a limited liability company (LLC) or a Florida Land Trust.
Both of those entities can shield the owner of the real property from potential individual liability for injuries that occur on the property that is being leased to third parties. The Florida Land Trust should be drafted by an attorney who has experience in dealing with the proper structure of the land trust, as well as the nuances involved with maintaining your homestead exemption if the property in your land trust is your principal residence. Your asset protection lawyer must be familiar with various tax issues that can arise when using Florida land trusts.
Contact us today to schedule a consultation. We look forward to discussing how we can help you preserve and protect your assets.
Should I Hire An Asset Protection Planning Attorney To Help Me Put Together An Asset Protection Plan?
The short answer is yes, you do. There are many tools and strategies that are available for the individual to consider. Some strategies are relatively simple to plan and implement, such as the use of statutory exemptions and titling of property as tenancy by the entirety or as joint tenants with the right of survivorship.
Other tools and strategies are complex, such as family limited partnerships (FLPs) and domestic asset protection trusts (DAPTs). Some are more effective for a particular need, others are effective generally. Tools and strategies include the use of trusts, both domestic and offshore, proper drafting of estate planning documents, including wills, partnerships and limited liability companies, statutory and Constitutional exemptions from creditors’ claims, joint ownership of property, the use of entities such as a limited liability company (LLC), Florida Land Trusts and the use of contractual liens.
When Should I Start Asset Protection Planning?
Asset Protection Planning should begin before the need arises. If you wait until legal claims are made against you, or the lawsuit has already been filed, many of the available options will be removed from consideration. After the liability claim arises the fraudulent conveyance and fraudulent transfer laws become applicable. Those statutes require that any additional transactions you engage in from that point are subject to being attacked under the fraudulent conveyance statute. Notwithstanding, the application of the fraudulent conveyance statute, there still are some limited steps that you can take to enhance your asset protection plan.
Should I Engage In Asset Protection Planning If I Am Exposed To Lawsuits?
In each case, tax considerations (including income tax, estate tax and gift tax), must be considered before any action is taken. In every case where implementing an asset protection plan or technique is involved, careful analysis of the potential impact of the fraudulent transfer act (sometimes referred to as the Fraudulent Conveyance Act) is required. Only an experienced asset protection planning lawyer can help you maximize the value of your asset protection plan.
Who Needs To Engage In Asset Protection Planning?
Only after considering all economically feasible alternatives, and all the advantages and disadvantages of each one, can an individual decide which course of action is most appropriate for that individual’s peculiar circumstances and needs. The first step is seeking the advice of our experienced attorneys. Call (866) 510-9099 or email us today to arrange a consultation.