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Asset Protection and Florida's Fraudulent Transfer Act
One goal of estate planning can be to protect assets from depletion during difficult economic times.
December 03, 2010 /Personal Finance PR News/ -- Any comprehensive estate planning effort has at its heart the objective of protecting assets and designating how they will be distributed after a person's death. But the more complex a person's future legacy, the more specific they will want to be about individual assets. Such plans will likely take into account a wide variety of legal factors, including tax implications, contract obligations, insurance provisions and a variety of trust options.
Regardless of the size of the estate, you must take into account the fact that certain assets are vulnerable to legal judgments, debt collection or rapid dissipation due to an unforeseen event like a medical emergency. Several strategies are available to avoid depletion of an estate, including establishment of business entities, foreign asset protection trusts (such trusts are not yet authorized under Florida law), retirement planning and real estate ownership designations.
Depending on which options a person implements, it is vital to avoid running afoul of the state's Fraudulent Transfer Act. In general, Florida law prohibits exchanges that are intended to hinder, delay or defraud a creditor; requires equivalent value for what was exchanged; and looks closely at other circumstances, including a person's overall financial situation. The best plan is always to secure assets responsibly with the distant future in mind.
Consulting With an Estate Planning Attorney at Every Stage of Life
By enlisting the services of a lawyer who understands the complex landscape of Florida estate planning and probate laws, a person can learn about options he or she may not have considered. The most important aspect of estate planning is making a comprehensive assessment of savings, real estate, pensions, income, securities and other assets before firmly committing to any single legal tactic.
A wide range of goals are achievable, and a firm and evolving understanding of a client's envisioned future is the best guide for any legal advisor. A sound long-term estate planning strategy can secure a family's interests despite troublesome times and an uncertain economy.
Article provided by Bryant Law Firm
Visit us at www.rabpa.com
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