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In Florida, you can protect your assets from a lawsuit by utilizing the state's exemptions, such as the homestead exemption for your primary residence. You can also consider setting up asset protection trusts, which can shield certain assets if established correctly. Properly titling assets, like holding property as "tenancy by the entirety" for married couples, can also offer protection. It's crucial to plan ahead, as transfers made to protect assets after a lawsuit is filed may be challenged.
How about a car?
In Florida, you might consider titling the car in a spouse's name if they have less exposure to liability, or placing the car in a properly structured trust. Another option is to lease a vehicle, as leased cars are typically not considered assets in the same way owned cars are.
Does placing a car in a trust affects insurance payment amounts?
Placing a car in a trust can affect insurance payments. The insurance company may view the trust as the vehicle's owner, which could lead to changes in the policy terms or rates. It's essential to inform your insurer about the trust arrangement to ensure proper coverage and to understand any potential impact on your premiums.
If you are intetrested in protecting your assets, we at the Law Offices of Albert Goodwin are here for you. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
