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Category: Asset Protection Law
Florida Asset Protection Blog - January 04, 2009
Business arrangements among family members are usually informal without full legal documentation. Casual business dealings among family members work fine between the family members themselves as long as the family relationships are on good terms. But, when the same family members have creditor pr
Florida Asset Protection Blog - January 04, 2009
A homeowner may incur income tax liability for debt forgiveness when a bank forgives a portion of a mortgage either by taking a deed in lieu of foreclosure, through a short sale for part of the mortgage balance, or by relinquishing rights to a deficiency judgment after foreclosure sale. Owner occ
Florida Asset Protection Blog - January 03, 2009
Most parents want to keep their estate planning simple. The simple estate plan is not the best plan when your children are vulnerable to lawsuits. If a parent dies leaving money to his children outright and one of the children has an outstanding civil judgment at the time of the parents death, th
Florida Asset Protection Blog - December 14, 2008
A parent buys a house for their child to live in. The parent borrows the purchase money by giving a bank a second mortgage on the parents own homestead property. The child does not have sufficient income or credit to qualify for a purchase money mortgage on the new home. The second mortgage lende
Florida Asset Protection Blog - December 09, 2008
One of the bankruptcy trustees in Tennessee has assembled a list of loss mitigation contacts at the national mortgage lenders. If you would like to discuss a modification of your mortgage with these lenders you might try contacting the people on the list.
Florida Asset Protection Blog - December 08, 2008
The real estate collapse has increased the need for asset protection, and in one way, it has made easier some asset protection tools. Many real estate owners seeking to protect unencumbered properties from potential lawsuits from their mortgage lenders ask whether they can transfer title of the f
Florida Asset Protection Blog - December 03, 2008
I often get questions about abandonment of a Florida homestead. People ask whether they can move from their Florida homestead to live in another state and still maintain creditor protection of the Florida residence under the Florida homestead protection. A recent bankruptcy case considered a debt
Florida Asset Protection Blog - November 30, 2008
People facing possible judgments that jeopardize their wealth are often in desperate situations; desperate people sometimes do desperate things to protect themselves. When people consult attorneys about asset protection they sometimes find that they do not have available the best legal documents
Florida Asset Protection Blog - November 30, 2008
A reader posed an interesting question about tenants by entireties protection. The reader, a man, is a U.S. citizen married to a non-citizen wife. The reader stated that he currently resided in a foreign country with his new wife. Three years ago he lived in Florida. He intends to return to Flori
Florida Asset Protection Blog - November 30, 2008
A Florida bankruptcy court recently considered an interesting homestead issue. A debtor resided in a home titled in the name of a limited partnership. The limited partnership is owned primarily by a corporation which is 100% owned by the same debtor and occupant of the property. The debtor argued
Florida Asset Protection Blog - November 30, 2008
I frequently receive request from homeowners for assistance in negotiating a modification of their home mortgage to avoid foreclosure. I have usually advised people that they should themselves contact their mortgage lender to see if the lender can offer a modification of payment or interest amou
Florida Asset Protection Blog - November 30, 2008
The current draft of the governments financial recovery act, formally the Emergency Economic Stabilization Act of 2008" contains several provisions designed to help homeowner prevent foreclosure. The terms of the Act, being referred to as "the bailout bill", are drafted in general, unspecific ter
Florida Asset Protection Blog - November 30, 2008
I have previously posted on this Blog information about homeowner mortgage benefits in the initial bailout bill that was rejected by the House on September 29, 2008. I have reviewed the final, revised bill signed into law on October 3, 2008. The final bill contains essentially the same mortgage
Florida Asset Protection Blog - November 30, 2008
Generally, if a husband transfers non-exempt property to his wife in the face of a creditors claim or lawsuit, the transfer will be reversed a a fraudulent conveyance. From time to time people who anticipate a legal problem tell me that in the event they lose a lawsuit they will divorce their wi
Florida Asset Protection Blog - November 30, 2008
Just because the law protects an asset or an account from creditor does not mean your creditors will not try to levy on the asset or garnish the account. Consider this example reported by a current client. The client, who is married, borrowed money in his own name from a large bank. The bank call
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