Asset Protection for Florida IRA Accounts
Florida asset protection law was in flux for a while with respect to inherited IRA accounts. A number of Florida courts had decided that an IRA inherited by anyone other than a spouse constituted inheritance rather than retirement savings. The difference between those classifications is crucial. General inheritance is not…
Protect Your Most Important Asset: Protect Your Identity
Identity theft is a really hot topic. In a difficult economy, unscrupulous thieves find opportunity in exploiting good people. Technology actually makes the job of identity thieves easier, because there is a lot of information available to anyone who knows how to capture it. Believe it or not, identity thieves…
How to Pick an Asset Protection Lawyer – Key Due Diligence Questions and Caveats
By Ike Devji, J.D. Of-Counsel, Lodmell & Lodmell, P.C. The last four years has created an explosion in the Asset Protection planning field due to both the large number of people who have finally realized that their wealth is more finite and fragile than they ever imagined and the litigation…
Asset Protection Planning to Avoid the Writ of Garnishment
A writ of garnishment is a court order allowing creditors to “intercept” money before it is paid to a judgment debtor. A creditor, as you probably already guessed, is a party to whom money is owed. A judgment debtor, on the other hand, is a party who owes money to…
Asset Protection Trust as an Alter-Ego
Asset protection is not something that you want to skimp on or do “half way.” Your asset protection plan is only as good as your follow-through and adherence to the strategy you’ve devised. A recent case demonstrates how a good theoretical asset protection plan is different from a plan that…
Residential Real Estate and Asset Protection
Real estate values will decrease again, if they haven't started to decline again already. This is evidenced by a number of conversations we've had with asset protection clients of Lodmell & Lodmell recently. The purpose of this article is to help you make the right decision with respect to real…
Debt Forgiveness on Strategic Defaults
There are lots of questions floating around about the process and consequences of pursuing a strategic default strategy. One particular question gets asked a lot: What are the tax consequences of debt forgiveness and, more specifically, of a strategic default. The general rule is that forgiven debt is taxable. For…
Florida Legislature Addresses Olmstead
We wrote about the asset protection legislation being considered by the Florida Senate and House of Representatives. Well, both houses passed the bill, and it is now just awaiting the Governor's signature. Here's what the new law means for Florida asset protection: Florida Single-Member Limited Liability Companies are Dead If…