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
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.