Asset Protection (561) 676-4049

Don't let an unforeseen occurrence strip you of your assets. Asset protection is the process of legally and ethically protecting your assets from claims of creditors. Contact Robert W. Tribuiani, Esq., to learn about effective strategies to protect your assets. One of the most effective asset protection devices afforded to permanent residents of Florida is the Florida homestead protection.

The State of Florida provides extensive benefits to permanent residents of Florida whose primary residence qualifies as homestead property. There are three separate and distinct categories of homestead law:

Asset Protection. Florida protects homestead property against levy and execution by certain judgment creditors. A beneficiary who receives a life estate in a Florida homestead via a testamentary trust may not receive the protections from creditors otherwise provided against levy and execution by judgment creditors. The testator/settlor, however, may continue to receive such protections throughout his or her life. Furthermore, if the trustee/remainderman will receive the property outright as a natural person upon the death of the beneficiary who possesses the life estate, then he or she may receive those protections upon the death of the possessor of the life estate. Please consult an attorney about the effect that a conveyance of real estate will have on your, and your beneficiaries', homestead protection from creditors.

Estate Planning. For estate planning purposes, devises and descent of homestead property are restricted by Florida law. Should a testator be survived by a spouse and/or minor child, the ownership of any homestead property will generally be governed by the Constitution of the State of Florida, rather than the testator's will. Please consult an estate planning and probate attorney for restrictions that apply to your unique set of circumstances.

Property Tax Break. The determination of whether a property is homestead for purposes of the tax exemption is separate from whether it is homestead for purposes of estate planning. For tax purposes, a primary resident of Florida who owns a home within the state will be entitled to receive a $25,000 reduction in the value of the home for purposes of computing taxes. Real estate that is put into a trust may qualify for the homestead tax exemption when a life estate is retained by the primary resident or language consistent with F.S. §196.031 - §196.041, with respect to the primary resident, is drafted into the trust documents. Please consult an attorney about the effect that a conveyance of real estate will have on your, and your beneficiaries', homestead tax exemption.

If you have an ownership interest in a privately held business and wish to protect your assets in the event that a co-owner passes away, retires, or becomes incapacitated, please contact the Tribuiani Law Firm today to have a business plan drafted and executed to meet your specific needs.

There are many options available to you for protecting your hard earned assets including, but not limited to, Irrevocable Trusts, Buy-Sell Agreements, Limited Liability Companies, "S" Corporations, and Family Limited Partnerships. As each of these options has its own strengths and weaknesses, please contact us to learn how you can legally and ethically protect your assets.