Legal Question in Civil Litigation in Florida
I might be sued civilly on a real estate matter,( I am an agent) if I put all our assets in trust for my wife will they then be protected from claims?
4 Answers from Attorneys
Tranferring assets to avoid payment of claims may be considered a fraudulent transfer and such transfers can be set aside. Check to see if you have insurance coverage. I suggest you see an asset protection attorney.
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Perhaps, but this is a very complicated area of the law and you should see a lawyer.
Mr. Marino is correct as to fraudulent transfers. Further, if you reside in Florida, property held jointly by you and your wife may be tenancy by the entireties property and a judgment against one of you alone may not attach to such property. Further, if you own your home, it may be exempt from levy under the Florida Constitution homestead law. You should definitely consult with an attorney as to this matter.
Your residence (homestead) may be protected. Contact an attorney before taking any action.