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Asset Protection Checklist For Married Professionals

By Phil Rarick,  Esq., and Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys

Pros and cons of marriage | The Week UK

If you have creditor threat, do you know what assets are easily exposed to creditors?   Do you know what assets are already protected by Florida law? Take this three minute survey for a quick assessment. Your family will thank you!

1. Is your Florida homestead in your name and spouse as “Tenants By Entireties”?
Note: Florida homestead is one of the best protected assets in the U.S.A. However, if not properly titled, then homestead protection could be jeopardized. We review homestead deeds at no cost for our clients.

Yes  No N/A Don’t know

2. Are your checking/savings accounts titled “Tenants By Entireties”?
Note: This is often a good solution to protect small accounts used for monthly expenses.

Yes  No N/A Don’t know

3. Are your rental properties and vacation home titled in a multi-member LLC?
Note: If not, these properties are “low hanging fruit” and exposed to creditors.

Yes  No N/A Don’t know

4. If you have a corporation or P.A. (Professional Association) are (a) your corporate records up-to-date; (b) stock certificates accurately reflect your ownership; and (c) stock certificates conform to your IRS income tax returns?

Yes  No N/A Don’t know

5. Do each of your LLC’s have an Anti-Olmstead Operating Agreement updated since 2012?
Note: Florida LLC law changed substantially in 2012 because of the very significant Olmstead case.     If there is a threat of insolvency your LLC may need special provisions to secure favorable tax treatment.

Yes  No N/A Don’t know

6. If you have LLC’s, does your Operating Agreement state that there are 2 or more members?
Note: A single member Florida LLC offers you virtually no protection.

Yes  No N/A Don’t know

7. If you have equities and bonds that are not IRA’s, 401k’s, or otherwise qualified, do you have an  Multi-layered Asset Protection Strategy to protect these investments?

Yes  No N/A Don’t know

8. Are you confident you have not named a minor child (under age 18) as beneficiary or owner of any bank account, life insurance, or annuity?
Note: Never name a minor the beneficiary of anything as this could trigger guardianship proceedings upon your death.

Yes  No N/A Don’t know

9. If you have a business partnership, do you have a buy-sell agreement in case your partner divorces, becomes incapacitated, dies, or wants to sell his or her shares?
Note: Absolutely necessary – unless you are okay with having your partner’s spouse as your new partner!

Yes  No N/A Don’t know

10. Is your estate plan designed to avoid court intervention into your personal or business affairs in event of mental incapacity or death?
Note: Court intervention into the affairs of a small business operation often means a business interruption that will cripple or destroy the business. Our courts are simply not equipped to run a small business.

Yes  No N/A Don’t know

11. Has your estate plan and business entities been reviewed within the past three years?
Note: Covid-19 has radically changed how we plan. Your estate plan must honestly reflect this new environment and the new challenges it brings.

Yes  No N/A Don’t know

If you answered “No”  or “Don’t know” to any question, then you may wish to consult and review this issue with a Miami asset protection attorney.  We are available via in office meeting,  Zoom or telephone conference.

Call (305) 556-5209 or email Christy at cmedina@raricklaw.com.  Let us know how we can help!

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