Asset Protection

Asset protection goes beyond estate planning. It’s about safeguarding your cherished assets from potential creditors, ensuring they benefit you and your descendants, not opportunistic claimants. At Finity Law Firm, we identify gaps in your legal coverage to protect your assets against liability.

A couple protecting their assets

What is Asset Protection?

Asset protection is a tailored strategy for shielding assets from possible creditor claims, without violating fraud or asset laws. In the digital age, assets cannot be hidden from former spouses, the IRS, or creditors. But your assets can be protected with tools such as:

Florida’s Blueprint for Asset Safety

Florida is known for its laws that favor debtors, meaning they offer protection for individuals against their creditors. But it’s crucial to get it right. Missteps in asset protection can lead to allegations of fraudulent transfers or conversions.

Fortunately, timely and correctly-executed strategies, even in the face of legal threats, can bolster your defense and position during negotiations.

  • Homestead: Florida’s homestead laws are some of the most robust in the country, offering nearly unlimited exemptions from creditors under specific conditions. However, asset protection laws differ by state and could vary if you own property outside Florida.
  • Business Structures: Limited liability partnerships and companies serve as shields against liabilities, while also facilitating smoother business operations.
  • Joint Ownership Provisions: The state ensures jointly owned properties by married couples remain secure. Properties purchased as ‘tenants by the entirety’ protect assets from either spouse’s creditors, making it an appealing option.
  • Trusts and Financial Accounts: Financial accounts and drafted trusts work to preserve beneficiaries’ interests and inheritance against potential creditor claims.
  • Marital Agreements: Prenuptial or postnuptial agreements can safeguard assets owned before the union or those acquired externally during the marriage. But despite their utility, such agreements can be perceived negatively, causing hesitation among partners.

Why Asset Protection Matters

Everyone’s needs are different. An effective plan will address varying family situations, risk tolerance, and asset volume, ensuring your wealth benefits your heirs – not creditors or former spouses. A will by itself is often not enough. There are many estate planning documents and asset protection vehicles that will safeguard your wealth. Our Orlando attorneys are here to personalize a plan for your unique needs.

How We Help

Asset protection, especially in later stages, comes with challenges. Fraudulent claims are commonly made against asset titling and asset transfers – sometimes causing them to be reversed. But in Florida, if asset transfers are correctly structured, they can withstand legal challenges. That’s where we come in.

Asset protection initiated during legal threats might not resolve all issues, but it will provide a stronger defense than none at all. And while it won’t make you court-proof, it will make it harder for creditors to obtain your assets, which improves your negotiating position.

These challenges highlight the importance of planning proactively and playing it straight. In our digital age, secrecy is a myth. Assets can’t be hidden from former partners, the IRS, or creditors. Fortunately, our Orlando attorneys will guide you through these complexities.

Expert Guidance

With the right estate plan, even post-divorce, your assets can be equitably allocated to beneficiaries. But it’s important to start today. Asset protection is most effective when it’s implemented before it’s needed. Schedule a consultation now to build a legal defense around your wealth.

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