1 / 0

Asset Protection in Florida: Practical Tips for Small Business Owners

Asset Protection in Florida: Practical Tips for Small Business Owners. Part 2: Florida Tenancy by Entirety. Phillip B. Rarick, Esq. Rarick & Beskin, P.A. 6500 Cowpen Rd., Suite 204 Miami Lakes, FL 33014 www.raricklaw.com (305) 556-5209 prarick@raricklaw.com.

xandy
Download Presentation

Asset Protection in Florida: Practical Tips for Small Business Owners

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Asset Protection in Florida: Practical Tips for Small Business Owners

    Part 2: Florida Tenancy by Entirety Phillip B. Rarick, Esq. Rarick & Beskin, P.A. 6500 Cowpen Rd., Suite 204 Miami Lakes, FL 33014 www.raricklaw.com (305) 556-5209 prarick@raricklaw.com
  2. Tenancy by Entirety for Real Property vs. Creditor of Only 1 Spouse: good vs. Creditor of Both Spouses: bad Take-away Points No protection for creditor against Husband & Wife Query: How many married couples have their cars in joint names? How many doctors have invested in real estate ventures and both doctor and spouse have signed personal guarantees or notes? No protection if one spouse dies Can create estate tax planning problems Do NOT overuse this type of planning
  3. Tenancy by Entirety for Intangible Property: Bank Accounts CDs, Stock Presumption of Tenancy by Entirety “shakiest” of all exemptions “some” banks do not allow Take-away Points Place large investment account in an LLC, not tenancy by entirety Administer the LLC as a business, not an ATM
  4. Using Business Entities for Asset Protection Internal Creditors vs. External Creditors Internal Creditor examples: Sub S corporation owns condo with swimming pool. Person injured in swimming pool sues the corporation. At risk assets owned by the corporation, i.e., the condo. External Creditor example: Harvey is in car accident injuring Mad Plaintiff. Mad Plaintiff sues Harvey, gets judgment. At risk are all exposes assets owned by Harry.
More Related