Ponte Vedra Asset Protection Lawyer

Ponte Vedra Asset Protection Attorney

While it might be difficult to imagine, one creditor or legal decision can completely change your financial situation. Legal issues can take away assets and property that you worked hard for. Fortunately, with advanced preparation, individuals can significantly limit the amount of their assets that are affected in the case of a negative legal judgment. Protect your savings and quality of life with the help of a Ponte Vedra asset protection lawyer.

Secure Your Quality of Life

In order to create a thorough plan to protect your assets, consider working with an attorney who has considerable experience with the entire process. The Law Office of Douglas A. Oberdorfer, P.A., has over 20 years of experience helping others plan their estate and prevent their assets from being seized by creditors. We can help you make difficult decisions and navigate complicated processes to make sure you and your assets are ready for whatever lies ahead.

About Asset Protection

In most cases, people engage in the following steps when developing an asset protection plan:

1. Inventory: In order to protect your assets, you first need to know what assets you have. Things like deeds and mortgages to property, bank and brokerage accounts, and other investment accounts need to be tallied. Other assets often forgotten about include life insurance plans, expensive items, and collections worth a significant amount of money.
2. Research: Once you have gathered all of your assets, you need to determine which ones are eligible for protection via an asset protection plan. These assets include but are not limited to:
   • Homestead (a primary residence occupied by you. Florida also has size limits for homesteads)
   • If you do not own property, up to $4,000 of personal possessions and up to $1,000 for a vehicle
   • The income of the head of the household
   • Unemployment and disability benefits
   • Assets associated with LLCs

1. Create a Plan: After this process, a plan must be drafted to protect these assets using laws from the Florida Constitution, Florida Statutes, and Common Law. The complexity of these pieces of legislation is why it is helpful to consult an estate planning attorney during this process.

Why Do I Need an Attorney?

Asset protection involves many different types of law. A lack of understanding of things like tax rules and regulations, estate planning law, and rules surrounding businesses and inheritance can lead to severe gaps in an asset protection plan. This plan is incredibly important in the event of creditors attempting to seize your assets, so it is important to develop it with a professional instead of leaving it up to chance.

Exemptions to Asset Protection

While asset protection can be a powerful legal tool to maintain your financial status in Ponte Vedra, it is not foolproof. There are limits to who is excluded from your assets, including:

• Super Creditors: This is a colloquial term for government entities like the IRS, the Federal Trade Commission, and the Department of Justice. While Florida law is friendly towards asset owners, state law does not protect you from federal creditors. Protection from these types of creditors requires a different type of asset protection.
• Divorce: There are different courts for divorce proceedings than for other types of legal cases. This means that the judges for those courts can have more power over your assets than other judges, especially if there are issues with child or spousal support payments.
• Florida Trusts: Florida offers trusts for other types of situations, but it does not provide trusts specifically for asset protection. The state also does not normally consider trusts established in other states for Florida residents.

These situations do not necessarily mean that your assets are unable to be protected, but they might have to be protected in other ways. To get a clearer picture of what asset protection might look like for your financial situation, contact an asset protection attorney.

FAQs

Q: What Assets Are Protected in a Legal Claim in Florida?

A: Assets like property, certain types of insurance, pensions, and annuities can be protected through asset protection in Florida. Asset protection can help prevent you from losing your assets in a legal case or from creditors. Different individuals might qualify for different levels and types of asset protection. In general, Florida has a wider range of exemptions and more benefits for individuals attempting to protect their assets than other states.

Q: What Is the Lady Bird Law in Florida?

A: The Lady Bird Law, otherwise known as a Lady Bird deed, allows Florida residents to transfer their property to another person once they pass away without requiring them to give up their home while they are alive. Once the person dies, the property is given to beneficiaries without having to enter the probate process. This is often used with married couples to allow the surviving spouse to maintain ownership of the home.

Q: Can I Lose My House in a Case in Florida?

A: It is possible to lose your home in a legal proceeding in Florida. Even though there is a homestead exemption in Florida, there are limits to this exemption. For example, you must be a Florida resident for at least 40 months before qualifying for the exemption. There are also size limitations that prevent you from claiming the exemption if your property is too large. For more information on specific asset protection cases, contact an asset protection attorney.

Q: Is Florida a Good State for Asset Protection?

A: Florida is widely considered friendly for those considering asset protection due to its large exemptions. The state has options for protecting equity without limits. Residents can also protect things like:

• Wages of the head of the household
• Retirement accounts like IRAs and 401(k)s
• Life and disability insurance
• Annuities

To learn more about what types of assets you can protect from creditors and courts in Florida, speak to an asset protection attorney today.

Maintain Your Finances

Don’t let a preventable issue impact your financial future. It is important to create an asset protection plan to safeguard against potential conflicts or debts. Working with an experienced estate planning attorney can help you create a thorough plan that can limit your liability. Schedule a consultation with the Law Office of Douglas A. Oberdorfer, P.A., to learn how you can protect your property, savings, and other assets.