FLORIDA ASSET PROTECTION LAWS

Book One: Asset Protection for Professionals, Entrepreneurs and Investors

Introduction  1
     
Chapter 1: Our Legal System  7
1.1 Common Law System  7
1.2 Courts of Equity 10
1.3 Common Law and Asset Protection Planning 12
     
Chapter 2: The History of Asset Protection 15
2.1 English Trust Law 15
2.2 Bankruptcy 17
2.2.1 Bankruptcy Cases as a Resource 17
  2.2.2 Bankruptcy Law in General 18
     
Chapter 3: Modern Trust Law 23
3.1 The Modern Spendthrift Trust 24
3.2 Domestic Asset Protection Trusts 28
     
Chapter 4: Exempt Assets 35
4.1 Residency Requirements 36
4.2 Homestead 37
4.2.1 Homestead in General 37
  4.2.2 Florida’s Homestead Exemption 41
  4.2.3 Bankruptcy and Havoco 44
4.3 Retirement Plan Accounts 45
  4.3.1 ERISA 45
  4.3.2 Bankruptcy and the IRS 48
4.3.3 Non-ERISA Retirement Plans 49
4.4 Exemption of Wages 52
4.5 Life Insurance 54
  4.5.1 Types of Life Insurance 55
  4.5.2 Life Insurance as a Protected Asset 57
  4.5.3 Foreign Life Insurance 61
4.6 Annuities 64
  4.6.1 Domestic Annuities 64
  4.6.2 Foreign Annuities 71
4.7 Miscellaneous Exempt Assets in Bankruptcy 72
4.8 Tenancy by the Entirety 73
     
Chapter 5: Fraudulent Transfers 81
5.1 History of Fraudulent Transfer Statutes 85
5.2 Constructive Fraudulent Intent 90
5.3 Badges of Fraud 92
5.4 Fraudulent Transfers Not Fraud 94
5.5 Government Claims 95
5.6 Bankruptcy Code 98
5.7 Bankruptcy Cases 99
     
Chapter 6: Choice of Law 103
6.1 Offshore Conflict of Laws – The Basis for Foreign Planning 109
  6.1.1 Advantages of Foreign Planning 109
6.1.2 Specific Offshore Trust Advantages 116
6.2 Extraordinary Creditor Remedies 121
6.3 Public Policy as a Creditor Remedy in Bankruptcy 127
6.4 Collection Offshore / Non-Bankruptcy Cases 135
6.5 Government Claims 138
     
Chapter 7: Business Structures 147
7.1 Corporations and “Inside” Asset Protection 147
  7.1.1 Corporations in General 147
7.1.2 Foreign Corporations 152
7.2 Charging Order Protection Entities and “Outside” Asset Protection 154
  7.2.1 Partnerships 156
  7.2.2 The Limited Liability Company 161
     
Chapter 8: A Word on Confidentiality 191
     
Chapter 9: Property and Casualty Insurance 197
9.1 General and Professional Liability 197
9.2 Auto Liability 201
9.3 Conclusion 204
     
Chapter 10: Equity Stripping 205
     
Final Chapter:  Case Study 209
     
Bibliography 219

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