Many Sarasota and Manatee County Florida residents have the misconception that in order to engage in asset protection planning they must have significant wealth. Our Sarasota and Manatee Florida clients range from retirees seeking topreserve their assets for their children and grandchildren; entrepreneurs seeking to protect their assets from the risks associated with a business venture or lawsuit; individuals seeking to protect their assets from under water real estate deals, mounting medical bills; and mega-wealthy individuals. In today’s current economic times, Sarasota and Manatee County Florida residents should be concerned about the protection and preservation of their assets and the threat of creditors taking their assets is real and frightening and transcends all levels of personal wealth.
A Sarasota and Manatee County Florida resident should consider asset protection planning if they:
(i) anticipate a lawsuit, lien or garnishment of wages;
(ii) are in a profession with a high degree of liability (doctor, lawyer, financial advisor, landlord, real estate developer, real estate investor);
(iii) are a debtor and/or a guarantor;
(iv) have accumulated, or are about to receive, significant wealth (inheritance, investment or business success);
(v) the value of your home has been reduced to less than the amount of your mortgage;
(vi) are having trouble meeting your mortgage or other loan payments; or
(vii) are concerned about the financial viability of your business.
Techniques that are commonly used are:
(i) Tenants by the Entirety;
(ii) Proper Structuring of your Business Ownership;
(iii) Family Limited Partnerships; (iv) Life Insurance;
(v) Premarital Agreements;
(vi) Postnuptial Agreements;
(vii) Head of Household status;
(viii) Florida Statutory Exemptions;
(ix) Limited Liability Company (LLC); and
(x) Asset Protection Trusts.
Feel free to contact me directly to learn more about the options available to you.
Sarasota asset protection law attorney