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Tenancy By The Entirety
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Online Asset Protection Quiz.

Are there other protective options besides the Limited Partnership, International Trust or LLC?

As with any type asset, there are multiple protective options. For instance, a few states with tenancy-by-the-entirety laws protect spousal co-owned investments from creditor claims against one spouse. Florida is one such state. But it’s important that every asset (bank accounts, portfolio, etc.) be properly titled to gain this protection. Some spouses prefer to title their investments to the less vulnerable spouse. We think that this is poor planning for the same reason that titling the home and other real estate to one spouse is less than optimum. It creates estate planning difficulties and does not always safeguard the assets titled to that one spouse. A few of our clients have transferred their assets to irrevocable domestic trusts. This has the decided disadvantage of lost control over the transferred asset. It can also trigger gift taxes and other unwanted consequences. But for some people the irrevocable trust can provide counter-balancing estate planning, tax planning or charitable gifting benefits. We can talk more about trusts when we discuss ways to shelter one’s estate. As with any asset – you need your one best strategy.

Categories: Asset Protection
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050
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