Asset Protection for Professionals and
Business Owners in Florida
Coral Gables, Miami & South Florida Business Succession and Planning Law Firm
Asset protection planning is designed to shield assets against risks posed by lawsuits, potential creditors, or pending bankruptcy. Asset protection is especially important for professionals and business owners whose personal assets may be at risk in the state of Florida.
Exempting Assets in Florida
State and federal laws exempt some of your assets from the claims of creditors. Important to note is that while some states allow you to choose either the state or federal exemptions, in others you must use the state exemptions … and federal bankruptcy exemptions are not available.
After identifying the protected asset classes available under applicable law, it may be prudent to convert any remaining non-exempt assets into exempt assets.
Limiting Liability for Professionals & Business Owners
Some people choose to operate their businesses as sole proprietors instead of operating through a legal entity, such as a corporation or a limited liability company. Conducting business through an incorporated legal entity may offer substantial risk management benefits over the sole proprietorship, but selecting the appropriate legal entity is critical to managing risk.
Transferring Risk with Insurance
When was the last time you reviewed the details of your liability insurance program with your insurance professionals?
- Are your policies current?
- Are the coverage limits adequate and are the deductibles reasonable?
- Have you scrutinized the policies for loopholes?
Remember: the fundamental philosophy of any insurance coverage is to pay a premium you can afford to transfer a risk you cannot afford. Take time to understand both the risks you have retained and the risks you have transferred.
South Florida Estate Planning Attorney Brian C. Perlin, assists clients with Estate Planning, Elder Law, Probate Court, Probate & Estate Administration, Long-Term Care, Medicaid Planning, Veterans Benefits, Charitable Planning, Special Needs Planning, Estate Tax Planning, Business Succession and Asset Protection, in the cities of Miami, Coral Gables, and Kendal, Florida, and the surrounding areas.
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