By: Howard Rosen, Attorney, © 2021 Donlevy-Rosen & Rosen, P.A. Direct line: 305-459-3289 Anyone in the pest control business (PCB) is aware of the risks and controversies involved in that business. Most commonly, there is always the everyday risk of an employee getting into a serious automobile accident with a company vehicle, particularly since companies […]
All states provide some degree of “asset protection” through their state exemption laws. Such laws shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds from creditor claims. This issue of the APN is the second of two parts addressing the most frequent errors people make in attempting to implement asset protection on their own by using (or failing to use) state exemption laws.
All states provide some degree of “asset protection” through state exemption laws which shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds (“exempt assets”). This issue of the APN is the first of two parts addressing the most frequent failings of individuals attempting to implement asset protection on their own by using (or failing to properly use) state exemption laws.
Do you own real estate? Are you a shareholder in a closely-held corporation or a partner in a partnership that owns real estate? Are you a trustee of a trust that owns real estate? If you answered “yes” to any of these questions, you should read on….
Exemptions are provided by the laws of each state in order to protect specified property interests from being reached by creditors and bankruptcy courts. Each state may adopt its own exemption laws, or may choose to adopt the federal bankruptcy exemptions, or may permit its residents their choice.
During the course of numerous asset protection consultations, we have found that some questions seem to be asked repeatedly. We thought it would prove useful to recount them here, with our responses, for everyone’s benefit.