There are several asset protection features in Florida that are not available in many states. Last Month I discussed your homestead, and this month I will discuss annuities. The cash value in insurance policies and all annuities are protected in the event of Bankruptcy, and creditors' claims under Florida Statute 222.14.
There are asset protection features in Florida that are not available in many states. This month we will discuss your homestead. Your home is truly your castle in Florida and your homestead is protected from all third party creditors under Article X, Section 4 of the Florida Constitution which exempts your homestead property from levy and execution by judgment creditors. This protection applies to traditional homes, Condominiums, manufactured homes, mobile homes and even boats if used as the person's primary residence. The Constitution defines homestead as one's principal place of residence up to one-half acre within a municipality and up to 160 contiguous acres in any county in Florida. Also, upon the death of the owner, the protection is extended to beneficiaries who are related by blood to the decedent.
How diversified is your financial portfolio? Are you looking at new ways to create more assets and better leave your legacy? If so, life insurance may be an overlooked option for you to consider.
For most people, estate planning is something that is done later on in life. That's because many young adults in Florida and elsewhere decide that they will worry about estate planning when they have more assets and wealth. Others don't think they need an estate plan because they are young and healthy.