Wills, Trusts & Asset Protection in Florida
Asset protection is the process of arranging and titling your property, accounts and other assets to meet your needs throughout the stages of your lifetime. By planning ahead, we can assist you with tools that can maximize the protection of your family’s assets during probate, divorce and frivolous litigation. A well-designed asset protection plan builds a protective barrier around the client's estate and guards family wealth from external creditor attack and frivolous lawsuits.
To discuss creating a plan for protecting your assets, contact Wilcox Law, PA today.
Tools for asset protection
There are asset protection tools which have substantial benefits for estate planning as well as asset protection. These are wills, trusts, limited partnership (LP), the limited liability company (LLC), Land Trusts, and Living Trusts.
At Wilcox Law, PA, we can assist you with determining what tools are appropriate for your situation. Together, we can create a plan that will ensure you and your assets are protected now and in the future.
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Wills
One of the most common tools of estate planning is the drafting and signing of a will. A will provides a concrete directive in terms of how your assets are to be distributed among your heirs.
At Wilcox, PA we have extensive experience in guiding clients through this often very personal and emotional process. We offer the appropriate compassion and patience necessary when handling this sort of sensitive casework, coupled with the professionalism and diligence required to get things done quickly and efficiently. We want to help you make the important decisions so you can enjoy the peace of mind that comes from knowing that you have addressed the future.
Trusts
Trusts typically are used to control the distribution, management and availability of money from one generation to the next. Our attorneys are skilled in helping clients determine the best kind of trusts to create, given their assets and their goals.
Some specific examples of trusts we can assist clients with include:
- Florida land trusts
- Fully revocable trusts drafted specifically to buy, hold, finance and sell Florida property pursuant to the Florida Land Trust Act
- Revocable trusts
- May be altered or terminated during the grantor's lifetime
- Irrevocable trusts
- Generally speaking, these trusts cannot be amended, modified, changed or revoked
- Offshore trusts
- Similar to traditional trusts, however may be more appealing due to variations in offshore laws
To discuss what options are most appropriate for your particular situation, contact the firm today.
Homestead protection
Home ownership is a sacred right in the state of Florida and an individual’s homestead is generally protected from creditors and judgments. What makes Florida’s homestead protection such a powerful asset protection tool is its unlimited monetary protection. A Florida resident can invest millions of dollars in large estate homes and farms and protect the full value of these luxury residences under Florida’s homestead law. There are limited exceptions to this general rule pertaining to money obtained by deceit, fraud, or other egregious means.
Foreclosure deficiency judgments
Many Florida real estate investors are concerned about personal liability from mortgage foreclosure deficiency judgments. Although they accept loss of equity, if any, in property which is foreclosed by their mortgage lender, people are afraid of a deficiency judgment. A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorney's fees, and the value of the property foreclosed.
If a mortgage lender pursues a deficiency judgment you should hire an attorney to defend the deficiency as soon as possible. In many cases, we can use procedural defenses and substantive lending law to defeat a deficiency claim, or to negotiate an acceptable settlement for much less than the total deficiency liability in most cases.
Act now to protect your future. Contact the firm today.
Unfortunately we often represent clients whose loved ones have passed away without properly protecting their assets or making their final wishes known. We see families torn apart as estates are settled without the benefit of a simple will or trust. Establishing your plan with an experienced attorney at Wilcox Law, PA can safeguard your wealth and give you peace of mind. Get started by calling us at 727-821-1707 or contacting the firm online.
