A Florida Asset Protection Lawyer is of most use when you do not have any potential liabilities. When you have a known creditor, you have to be concerned with fraudulent conveyances and fraudulent transfers. Generally if you participate in a fraudulent conveyance or transfer the court can undo a transaction within 4 years of its occurrence.
A Fraudulent Transfer occurs when you transfer an asset to put it outside the reach of a creditor.
A Fraudulent Conveyance occurs when you transfer an asset for less than full value and this causes harm to a potential creditor.
There are many ways of protecting assets as part of an overall Florida Estate Plan but careful consideration must be taken of your present situation and circumstances. Some of the tools used by Florida Asset Protection Lawyers include creating Florida Asset Protection Trusts, Domestic asset protection trusts, limited liability companies, limited partnerships, Florida LLLPs, and different forms of ownership.
In addition to how the assets are structured there can be different ways in which you spend “at risk” money and save money that is not at risk. If you would like to learn more about Florida Asset Protection, contact us to discuss your circumstances and objectives with a Florida Asset Protection Lawyer.
Note: Asset Protection is a complex practice area and as such we do not offer free consultations in this area. A typical consultation takes 2 or more hours.