Estate Planning

Asset Protection

Why would you need asset protection?
In Florida, your home is protected from creditor attack with a few exceptions under the state’s homestead protections.  However, the rest of your money is not protected from creditors.  Florida allows for a spendthrift provision to be drawn in trusts that will protect the property held in trust from creditor attack.  An attorney should be consulted to draft the spendthrift trust appropriately.

For those with a loved one facing a nursing home stay, the average cost will range from $6,500 - $7,000 per month.  That bill will either be paid out of your loved one’s accounts, your accounts, long-term care insurance (which most people do not have), or through Florida Medicaid.  To qualify for Florida Medicaid, the loved one must comply with the requirements set forth in the Deficit Reduction Act of 2005, which Florida adopted in November, 2007.

Contact our office in Orlando or call 407-447-0601 to schedule a consultation to discuss protecting your or your loved one’s assets.