Tampa Asset Protection Attorney

You have worked your entire life, built your savings, and perhaps you even started and grew a successful business. You may have also purchased a home for your family and provided them with a high quality of life. You have every reason to feel proud but without effective planning, though, the wealth you have amassed throughout your lifetime could shrink, and perhaps even disappear altogether, faster than you think. Lawsuits, creditors, a disability, divorce, and taxes can all slowly reduce the assets you have worked your entire life for.

Crisis can happen at any moment and when it does is not the time to start preparing an asset protection plan. Below, our Tampa asset protection attorney explains the different ways to protect your assets for you and your family.

Premarital Agreements

Premarital agreements, also known as prenups, are important legal documents that keep specific property separate from marital assets and liabilities in the event of a divorce. A premarital agreement can also outline how marital property will be divided, whether alimony is possible, and which party will be responsible for paying it. You can also protect a child from a previous relationship in a premarital agreement, without placing your current spouse at a disadvantage.

Premarital agreements can also include the same terms as a will and outline whether a spouse has a right to an elective share under probate law in Florida. Without a premarital agreement, classifying separate and marital property can be quite challenging.

Family Limited Partnerships

If you have property you would like to stay in the family after you pass away, such as a business, you can also create a family limited partnership (FLP). FLPs are very popular and effective tools that allow for the transfer of ownership. In an FLP, senior family members can take on the roles of general partners while younger members of the family can act as limited partners. This can allow people in the same family to jointly own property and allow certain people to transfer it to other people in the future while avoiding restrictive capital gains taxes.

Special Needs Trust

If you have children with special needs and they require government assistance, or you believe they will need benefits in the future, a special needs trust can protect them. By placing property you want to leave your child in a special needs trust, you can leave them an inheritance without it affecting their income, therefore reducing the amount of government benefits they receive.

Our Asset Protection Lawyer in Tampa Can Advise You of Your Legal Options

Your property is important to you and you want to ensure you can leave them behind for your family if you pass away, retire, or suffer from a disability. At BBDG Law, our Tampa asset protection lawyer can advise you of your legal options and help you determine which one is right for you so your property, and your loved ones, are protected. Call us now at (813) 221-3759 or contact us online to request a consultation and to learn more.