Florida Asset Protection Laws

Ft. Myers, FL Estate Planning Attorney

If you are a Florida resident, your residence is completely exempt from creditor claims, no matter how much it is worth. Even if another court has found you liable to pay civil penalties, you may still be able to move to Florida and protect your assets. However, in order to receive this type of Florida asset protection, you must be a resident of the state. That means you must sell your residence, turn in your driver's license, and severe ties with your home state. When you become a resident, asset protection is immediate, and this law, among others, makes Florida an incredibly debtor-friendly state. Please contact our Fort Myers estate planning lawyer at The Dorcey Law Firm, PLC, for asset protection inquiries and asset protection planning.

Homestead Property Rule

Florida deems that all homestead properties cannot be claimed by creditors. Although it may sound like only a person's house is protected under this law, Florida also protects condominiums, manufactured homes, mobile homes, and up to 160 acres of land. As long as where you live is considered your principal place of residence, it is covered from creditors. Wages, earnings, and other compensation are also covered under Florida law, as well as the cash value of insurance policies, until you pass away. After your death, creditors may then collect claims. Annuities, pension, profit-sharing plans, individual retirement accounts, disability income benefits, prepaid college tuition plans, prescribed healthcare products, unemployment benefits, and hurricane savings accounts are also protected from creditors in the State of Florida. If you own a business, however, Florida only protects certain items.

If you are a resident of Lee County who needs protection, we can help!

If you are unsure of which assets are protected under Florida law, it may be advantageous for you to hire an experienced asset protection lawyer. The Dorcey Law Firm, PLC, has helped over 2,400 clients, and continues to assist Fort Myers residents with asset protection, business, probate, and trust administration concerns. Please feel free to contact our office to schedule an appointment, or fill out and submit a free case evaluation via our website.