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We have written pretty extensively on the Olmstead decision handed down by the Florida Supreme Court.  It seems that many people, in addition to asset protection attorneys, are considering the potential long-term impact of that opinion, the Florida Legislature included.  Bills that directly address the issues presented in Olmstead have been introduced in both the House and Senate chambers of the Florida Legislature.

Here’s the scary part: The bills seem to condone Olmstead.  In the case of a single-member LLC, the proposed legislation states that a charging order is not the exclusive remedy in the case of a single-member LLC “if the judgment creditor establishes to the satisfaction of a court of competent jurisdiction that distributions under a charging order will not satisfy the judgment within a reasonable time.”

Laws Made By Judges Makes Domestic Asset Protection Almost Impossible

So here is what happened. First, the legislature enacted a law that made charging orders the exclusive remedy for judgement creditors of members of limited liability companies.  Next, the Florida Supreme Court finds an unwritten exception to that law, which is a huge threat to anyone relying on the legislatively enacted statutes for asset protection purposes.  Now the legislature is considering a new statute that blesses the Florida Supreme Court’s disregard of the original statute.  So it begs the question: Who is really making our laws?

Judges made law is unpredictable.  That’s largely because judges are human, and they can be swayed by emotion.  One of the most famous jurists in the history of United States once said that a judge’s decision can hinge on what he ate for breakfast!  Statutes, however, are written pronouncements of law intended to be relied upon by citizens.  If, however, judges can disregard statutes (or find unwritten exceptions), then even statutes cannot be considered ironclad.

The Secret Weapon of Asset Protection Attorneys And Benefits of Offshore Trusts

There are many benefits to using offshore trusts.  One benefit stands out above all the rest.  Use of offshore trusts removes assets from the jurisdiction of unpredictable judges and mind-changing legislatures.  Laws in many foreign jurisdictions are geared to make litigation over assets in an offshore trust almost completely impracticable.  That’s why asset protection attorney loves them.  It’s also why you should consider using an offshore trust to protect non-exempt assets like cash, stocks, bonds, and real estate.

By implementing a bulletproof asset protection plan, you can make sure that your assets are safe from a judge who ate a bad breakfast.

Please keep in mind that the proposed legislation discussed in this article is just that–proposed.  It will be a while before we know if it is enacted into law.  Feel free to review House Bill 253 and Senate Bill 1152 and call Lodmell & Lodmell if you have any questions.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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