LegalJourney Blog

Sunday, August 23, 2015

Five Key Asset Protection Exemptions for Florida residents

  1. The Florida Homestead:  no dollar limitation, if within municipality ½ acre; outside municipality 160 acres. Fla Const. Art X, Sect 4
  2. Life Insurance: The cash surrender value of policy is exempt from insured’s creditors. Note: Without the proper planning death benefits may be reached based on how the proceeds are dispersed. Fla. Stat. § 222.14
  3. Annuities: The cash surrender value of policy is exempt from insured’s creditors. Fla. Stat. § 222.14
  4. Qualified Plans, IRA’s and Pension: Fully exempt if federal requirements are meet. Fla. Stat. § 222.21. Note: Fla Stat § 222.21 is being updated to also protected inherited IRAs
  5. Prepaid Tuition and Medical Savings Accounts: Fla. Stat. §222.22.

For a complete list of exemptions contact the LegalJourney Law Firm or visit the Online Sunshine

Note: LegalJourney Blog posts are designed to provide informational summaries, but do not include all aspects, issues, statutes or legal rulings. If you have additional questions based on what you read on the LegalJourney Blog, please contact the LegalJourney Law Firm or seek the advice of another qualified Florida attorney.

 


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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