Asset Protection Services in Florida
Preserving personal and business wealth is essential for maintaining financial stability and peace of mind. At Kelley, Grant & Tanis, we offer comprehensive asset protection strategies designed to align with Florida’s legal framework. Our attorneys, who are part of the Florida Bar Association, assist individuals, families, and business owners in Jacksonville, helping them shield their assets from potential creditors and liabilities.
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What is Asset Protection?
Asset protection involves legally structuring and managing holdings to minimize exposure to creditors, lawsuits, and financial uncertainties. Strategies often draw on the protections offered by the Florida Constitution for homesteads, exemptions defined in Chapter 222 of the Florida Statutes, and the guidance provided in the Florida Trust Code (Chapter 736) and business statutes like Chapter 605 and Chapter 607. By leveraging these laws, we help Jacksonville clients preserve their wealth despite changing circumstances.
Key Asset Protection Services We Offer
We tailor our asset protection solutions to meet the specific needs of Jacksonville’s residents and professionals, such as:
- Trust Formation: Setting up irrevocable and domestic asset protection trusts under the Florida Trust Code to safeguard holdings from creditors.
- Business Structuring: Forming LLCs, corporations, and family limited partnerships by Florida’s business statutes to separate personal and commercial interests.
- Homestead Protection: Utilizing Florida’s constitutional homestead exemption to protect primary residences from certain creditor claims.
Trust-Based Asset Protection
Trusts serve as foundational tools for securing wealth from potential creditors. By transferring assets into an irrevocable trust, ownership shifts away from the individual, reducing exposure in litigation. Our team guides clients through selecting the right trust structure—such as domestic asset protection trusts—ensuring their approach aligns with personal goals and financial situations.
Business Structuring and Entity Formation
Choosing the appropriate business entity can separate personal wealth from commercial liabilities. We assist Jacksonville entrepreneurs in establishing LLCs, corporations, and family limited partnerships as provided for in Florida’s business statutes. This separation provides a vital defense against business-related risks impacting personal assets.
Florida’s Homestead Exemption
Florida’s homestead exemption, enshrined in the state constitution, offers significant protection for primary residences. By properly leveraging this exemption, Jacksonville homeowners can shield the value of their homes from many creditor claims. Our attorneys help clients understand eligibility, maintain compliance, and maximize this constitutional safeguard.
Asset Protection for High-Risk Professionals
Certain careers—like those of healthcare providers, attorneys, and entrepreneurs—carry greater liability exposure. We develop customized asset protection strategies for these high-risk professionals, combining trusts, business structures, and statutory exemptions to guard against potential claims, ensuring clients’ personal wealth remains secure.
Frequently Asked Questions
What assets can be protected under Florida law?
Florida provides strong protections for primary residences, certain retirement accounts, and specified annuities. Additional assets may be safeguarded through trusts, LLCs, or other legal entities. We help determine which structures best suit your holdings.
How does an irrevocable trust protect assets?
By placing assets into an irrevocable trust, ownership no longer resides with the individual. This shift in ownership makes it more challenging for creditors to reach those assets, reducing liability risks and preserving wealth.
Can asset protection help if I face a lawsuit?
Yes—proactive asset protection can limit exposure to lawsuits and creditor claims. By establishing protective structures before legal challenges arise, individuals can better insulate their wealth from financial threats.
Is asset protection legal in Florida?
Absolutely. When developed in accordance with state and federal law, asset protection is entirely legal. Our attorneys ensure all strategies comply with relevant statutes and constitutional provisions, protecting wealth responsibly.
Do I need asset protection if I already have insurance?
Insurance is crucial, but it may not cover every liability or scenario. Asset protection offers an extra layer of defense, ensuring that wealth remains secure even if claims exceed policy limits or fall outside insurance coverage.
About Jacksonville, Florida
Jacksonville, straddling the St. Johns River and coastline, is Florida’s largest city, with a population of over 985,000, and a massive economic hub. From the revitalized downtown core to established neighborhoods like Ortega, Mandarin, and Avondale, the city’s diverse industries—ranging from healthcare to logistics—foster opportunities for growth and investment. In a setting where professionals and business owners look to secure their hard-earned capital, asset protection strategies provide the peace of mind necessary to embrace new ventures. By employing the state’s protective legal frameworks, Jacksonville residents can confidently navigate their financial futures, preserving both wealth and the quality of life they enjoy.
For more information on our asset protection services, visit our Trusts, Probates & Estates practice area.
