ASSET PROTECTION PLANNING Part of your estate planning involves a consideration of investing your assets over time where they will be protected for you and your family should your economic situation deteriorate. Your strategic plan should incorporate some appropriate level of asset protection planning. There are some very important caveats to consider before engaging in any asset protection planning. First, while you are generally free to arrange your affairs as you see fit, once there is a claim or the mere potential for a claim, you may not be able to engage in any asset protection transfers. Any such transfers while there is a claim or potential creditor claim are generally considered "fraudulent transfers," which may be reversed by the court. You should not make any fraudulent transfers. Next, you should always include proper liability insurance coverage as part of your asset protection planning. You should carry a sufficient level of insurance coverage that ensures that you will have proper insurance coverage for any likely claims. Next, your plan should include consideration of the fact that laws change over time, and what is favored in the law today may change. Also, if you move your residence to another state, you will need to check that state's laws to see what the applicable rules are for that jurisdiction. And finally, even though the below assets are generally exempt from creditor claims, they may not be exempt from government claims, mortgages, and mechanic's liens. - Homestead (including up to ½ acre of property within city limits or up to 160 contiguous acres outside of the city limits)
- Life Insurance
- Annuities
- Qualified Retirement Plans and IRAs
- Certain College Savings Plans
Viera Williams, P.A.
545 East Tennessee Street, Suite 200-B
Tallahassee, FL 32308
Toll Free: 888-390-0172
Phone: 850-270-0695
Fax: 850-222-9047
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