Estate Planning And Elder Law Services In Orlando And Beyond

Estate Planning For Asset Protection In Florida

Estate planning and asset protection strategies often go together. When you have worked hard to build up your assets, you want to protect them – for yourself and for those you leave behind.

At Law Offices of Mary W. Kaplan, P.L., we help clients throughout the Orlando area safeguard their assets through careful, effective estate planning. Attorney Mary Kaplan is a former certified financial planner, which makes her uniquely qualified to help people protect what they have.

Why Is Asset Protection In Elder Law So Important?

When you reach the point where you are financially preparing for retirement, you need to consider how to guard against financial drains and safeguard your assets from things like lawsuits and long-term care expenses.

You may also want to consider how you can create a legacy for your future generations, which means looking at things like tax mitigation strategies, business succession planning and the use of trusts to ensure that inheritances will not be wasted.

What Are Some Common Asset Protection Strategies In Estate Planning?

There are many different approaches to asset protection, but some common tools are:

  • Revocable living trusts
  • Spendthrift trusts
  • Medicaid asset protection trusts
  • Homestead exemptions
  • Annuities and life insurance
  • Gift exclusions
  • Special needs trusts
  • Charitable remainder truss
  • Business trusts

Asset protection trusts in Orlando can do many things. Certain trusts can even be used to remove assets from the marital estate so that you will be able to qualify for Medicaid if you need long-term care.

Protecting Assets From Taxes In Florida

Starting asset protection planning provides a strategic advantage – but many people do not think about taxes unless they are in the middle of tax season. Early planning lets you structure your assets and estate in ways that will ultimately minimize the tax liabilities for their beneficiaries. Asset protection planning minimizes tax burdens and shields assets from depletion.

Aside from taxes, asset protection planning also helps manage other various risks. Some common ones include:

  • Litigation
  • Bankruptcy
  • Divorce
  • Creditor claims

You can mitigate these risks by implementing a comprehensive asset protection plan and safeguarding your wealth.

One effective strategy in asset protection planning is utilizing an asset protection trust. This legal arrangement holds assets on behalf of a beneficiary while shielding them from creditors and other threats. In Florida, asset protection trusts offer significant advantages due to favorable legislation, such as Florida Statute 222.

How Can I Ensure My Asset Protection Plan Complies With Florida Laws and Regulations?

Ensuring compliance with Florida laws and regulations is crucial in asset protection planning. Failure to adhere to legal requirements can render an asset protection plan ineffective. Some essential rules include:

  • The Homestead Exemption: Florida offers robust homestead protection, allowing you to shield your primary residence from creditors. It also provides an unlimited exemption for the value of a homestead property up to half an acre within a municipality or up to 160 acres outside a municipality.
  • Florida Statute 222: This statute outlines various provisions related to asset protection, including exemptions and limitations on creditor claims. These exemptions include, but are not limited to, personal property such as household furnishings, wages, retirement accounts, life insurance policies and annuities.

To ensure compliance, consult with an experienced asset protection lawyer. These professionals possess in-depth knowledge of Florida’s legal landscape and can tailor asset protection plans to meet your needs while adhering to applicable laws and regulations.

Let An Asset Protection Lawyer In Orlando Help You

At Law Offices of Mary W. Kaplan, P.L., our elder law asset protection attorneys have been guiding clients through estate planning and asset protection for decades. If you want to learn how to protect assets in Florida, we can talk over strategies and help you make informed decisions.

Call us today at 407-863-6175 or use our online contact form to schedule an initial consultation to talk about your goals.