Nelson & Nelson - Estate Planning Attorneys - Miami Florida

Estate Planning and Asset Protection in Florida:
A Plan to Survive Unexpected Financial Threats
by Barry A. Nelson, Esq.

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Individual chapters available for purchase at JURIS.
Barry A. Nelson - Estate Planning Attorney

Estate Planning and Asset Protection in Florida is designed to help clients and their lawyers protect clients’ assets before litigation occurs. While the necessity of estate planning is understood by most clients, many  fail to grasp the importance of protecting their assets as well. Barry A. Nelson, an industry-respected, board-certified attorney with decades of experience counselling high-net-worth clients reveals the serious implications of ignoring the potential liabilities that can threaten a client's assets.  He was among the first to advocate for asset protection and perceived how estate planning anticipates only the very end of a spectrum of dangers that can adversely affect a client’s estate long before the  will is read. The state of Florida, long considered a debtor’s haven, has fraudulent conveyance laws that prevent transfer of assets after litigation happens. Once an accident occurs or exposure to litigation is apparent, asset protection is significantly limited.

This work is like no other work on the market in combining estate planning and asset protection as a strategy. It  describes how to integrate estate planning and asset protection for Florida residents to minimize Federal estate taxes and maximize protection of assets  and  explains what options remain even in the event of  a claim such as divorce, claims for alimony, co-signings, or any number of lawsuits. While no one plan fits all, it expertly teaches clients and lawyers how to recognize their best options in a complex web of legal and tax relationships so the most informed decisions can be taken.

In this comprehensive, yet easy-to-use publication, the author discusses:

  • Types of assets and asset protection techniques available such as: homestead for asset protection, property tax, and limits on dispositions during life and upon death; annuities; life insurance; retirement plan accounts and 529 accounts; spousal transfers including inter vivos QTIP trusts and Spousal Limited Access Trusts ("SLATs"); domestic and foreign asset protection trusts; third party created trusts; use of partnerships and LLCs; and wage owner accounts.
  • Requirements to benefit from these techniques and the greatest traps for clients and their professional advisors, that could, for example, lead to a loss of homestead status, or permit creditors to gain access to earnings, life insurance proceeds, annuities, proceeds from inherited IRAs, pensions, profit sharing plans, etc.
  • Addresses the use of limited liability partnerships and LLCs and explains why creating trusts and LLCs in a state other than Florida (such as but not limited to Nevada, South Dakota, Delaware and Alaska) may provide greater asset protection.
  • Considers a range of scenarios and the challenges faced by those who, for example, become instantly wealthy such as lottery winners, or professional athletes, celebrities or those who receive significant bonuses and addresses the challenges of same-sex partners, the elderly who are vulnerable to financial exploitation or children for whom a parent has had multiple spouses.
  • Summarizes the laws regarding division of marital assets upon dissolution of the marriage / divorce.
  • Discusses the ability of a spouse holding an alimony judgment to access third-party-created trusts.
  • Considers the protections of creating trusts in another state or country.
  • Provides the essential information clients need to minimize estate, gift and GST taxes.
  • Familiarizes clients and advisors with the consequences of recent legislation, such as the Tax Cuts and Jobs Act (the "2017 Tax Act") which became effective January 1, 2018, and which significantly increased the Federal estate, gift, and generation skipping transfer ("GST") tax exemptions.

Barry Nelson has received numerous awards, among these, receiving his 25th recognition by Best Lawyers in America in 2019, being top-ranked by Chambers in its High Net Worth Guide since its inaugural edition in 2016, being asked by the Florida State Bar to author a chapter of their book, Asset Protection in Florida. There is no question that business, tax, estate planning, and real estate lawyers will  easily find in this well-designed, information-packed volume everything they need to better counsel and protect their clients’ assets from potential creditor’s claims.

Nelson & Nelson - Estate Planning Attorneys - Miami Florida Nelson & Nelson, P.A. |
Nelson & Nelson, P.A. is ranked Tier 1 in Trusts & Estates and Tax Law in Miami by the U.S. News - Best Lawyers® "Best Law Firms" since 2014. The attorneys of Nelson & Nelson, P.A. provide business, asset protection, probate, tax and estate planning services to high net worth individuals, families and business owners from their office located in North Miami Beach, Florida.
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