Legal Question in Wills and Trusts in Florida

Re: revocable family trust

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Asset protection advice is not something that can be done in a paragraph or two just as you could not diagnose the source of someone's pain over the internet. More information must be given for an attorney to provide you with any worthwhile advice. You suggested that you have a some real estate free and clear and some with mortgages. You should meet with a qualified attorney who can review all of your holdings, determine your goals, and advise you on your best ways to acheieve them.

Scott R. Jay, Esq.

Re: revocable family trust

First, a revocable trust is probably not the way to go for protecting assets; because it is revocable it is probably going to be deemed revoked by the court in the event that someone sues you and gets a judgment. A revocable trust basically provides zero asset protection against creditors.

Additionally, Florida has a fraudulent transfer statute that might apply if you tried to transfer assets out of the trust in anticipation of a judgment.

I know this isn't terribly specific advice, but you should call an attorney and sit down and talk with them about ways to protect assets. Frankly, insurance can help a lot; if you've got enough insurance you can convince most plaintiffs to go after the insurance polilcy instead of your own personal assets, but there are other techniques to minimize your exposure as well.