When we talk about asset protection, it refers to a set of laws, techniques, and strategies aimed at protecting your assets against the claims of creditors who may attempt to seize your assets. Thankfully, Florida state law has strong creditor protection provisions, especially in the real estate sector. If you are looking to protect your assets, one of the best ways to do it is by titling them correctly. Learn more about how a real estate attorney in Fort Myers can help you with asset titling and plan a proper estate plan.
4 Ways You can Title Your Assets in Florida
By the Individual Name
Through this method, you are taking ownership of a property, business, or bank account, in your name. In addition to complete control over the asset, you will also in charge of the tax liability. One downside of titling your asset in your name is that you are fully subjected to the claims of the creditors.
With the help of a board-certified attorney in Florida, you can opt for the Florida Homestead asset protection for personal residences to ensure long-term wealth protection.
By Legal Entities
If you are considering titling your asset for business or investment purposes, you can do it under the name of a legal entity. You can title your property by the corporation name, joint partnership, Limited liability company, or joint venture. A real estate attorney in Fort Myers can suggest to you an ideal option for your titling your asset. Generally, corporation names are not suitable as they have complex tax structures. A limited liability company is a highly preferable option and a board-certified attorney can help you prepare a Florida LLC operating agreement to ensure that you don’t run into any legal troubles.
In Trust Name
Trusts can be established to take over the ownership of assets. However, you have to be careful as the type of trust you choose will have a significant influence on income and taxes. A real estate attorney in Fort Myers can help you set up an irrevocable trust for an effective asset protection strategy of real estate or other vulnerable assets such as bank accounts and others.
In Joint Tenancy
This is one of the most common ways of titling the assets for married couples. They enter into a joint tenancy with a right of survivorship to protect their assets. In the right of survivorship account, the assets will be passed to the surviving account holder in case the other account holder dies. When considering to title your assets through joint tenancy, it is vital to understand the legal details. A real estate attorney in Fort Myers is well-versed in the laws of Florida state and will guide you through various aspects of the joint tenancy account such as taxation laws, preparation of a joint tenancy agreement, and many more.
The Final Thought
Whether you are looking to protect your assets from creditor claims or want to plan your estate, proper account titling and assigning beneficiaries is vital for your future. A board-certified attorney in Florida can help you develop a sound estate plan to avoid probate and legal complications.
Hire Professional Estate Planners from Hale Law Services
At Hale Law Services, we have board certified attorneys in Florida with years of experience in matters of real estate and estate planning. Whatever your legal needs are, we will provide sound legal advice to help you navigate through complicated matters with ease.