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Trust & Estate Tip #17 - What assets are protected under Florida law?
www.estateandprobatelawyer.com / 954-580-3690
These are 6 assets that are protected from creditors by Florida law.
1. College funds – Florida Prepaid and 529 College Savings Plans offer protection against attachment, levy, garnishment, or legal proceedings for funds deposited into or withdrawn from these educational prepaid plans.
2. HSA account – Florida law safeguards health savings accounts from creditors.
3. Cash value of life insurance - Under Florida regulations, any cash value inherent in a life insurance policy is immune to collection, attachment, or legal actions on behalf of creditors. This protection extends to both universal and whole life policies that accrue value over time, affording you the opportunity to fully benefit from their growth.
4. Homestead exemption – The homestead exemption protects a person’s primary residence from forced sale by judgment creditors.
5. Retirement accounts – In accordance with Florida's ERISA regulations, a qualified retirement plan receives safeguards against court judgments. These regulations bar creditors from reaching the financial assets and accrued benefits within your retirement contribution plans.
6. Tenants by Entireties – This encompasses all property jointly owned by you as a couple and as an indivisible family entity. As per legal provisions, a creditor is prohibited from delivering a notice of property forfeiture without the agreement of all parties involved.
For any further questions or comments on this topic, please leave a comment below or email us at Info@EstateandProbateLawyer.com.
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