Asset Protection Services in Florida
Safeguarding personal and commercial assets is essential for ensuring long-term financial security. At Kelley, Grant & Tanis, we develop comprehensive asset protection strategies tailored to Florida’s legal environment. Our attorneys, who are members of the Florida Bar Association, assist individuals, families, and business owners in Miami in structuring their wealth to minimize risk exposure and maintain control over their financial futures.
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What is Asset Protection?
Asset protection is the process of legally organizing assets to reduce vulnerability to creditors, lawsuits, and unforeseen financial challenges. This approach draws on various elements of Florida law, including provisions in the Florida Constitution that protect homesteads, exemptions outlined in Chapter 222 of the Florida Statutes, and legal structures enabled by the Florida Trust Code (Chapter 736), Chapter 605 (Florida Revised LLC Act), and Chapter 607 (Florida Business Corporation Act). With proper planning, Miami residents can preserve wealth despite changing circumstances.
Key Asset Protection Services We Offer
We tailor our strategies to meet the unique needs of Miami’s diverse population of professionals, entrepreneurs, and families:
- Trust Formation: Establishing irrevocable and domestic asset protection trusts to secure assets from potential creditors.
- Business Structuring: Creating LLCs, corporations, and family limited partnerships to separate personal and business holdings, reducing liability.
- Homestead Protection: Utilizing Florida’s constitutional homestead exemption to safeguard primary residences.
Trust-Based Asset Protection
Trusts provide a foundational layer of protection by transferring ownership of assets into a separate legal entity. Under the Florida Trust Code, irrevocable trusts can help shield wealth from creditors while still allowing grantors to guide how assets are managed. Our attorneys assist clients in selecting suitable trust structures—such as domestic asset protection trusts—that align with their financial objectives and risk profiles.
Business Structuring and Entity Formation
Choosing the right business entity is crucial for mitigating personal liability. By forming LLCs or corporations under Florida’s business statutes, Miami entrepreneurs can separate personal assets from commercial risks. We guide clients through the entity formation process, ensuring compliance with state laws so they can operate confidently, knowing their finances are insulated from potential business claims.
Florida’s Homestead Exemption
Florida’s homestead exemption, grounded in the state constitution, offers significant protection for primary residences. Properly leveraging this exemption allows Miami homeowners to shield their property from many creditor claims. Our team clarifies eligibility and compliance requirements, ensuring clients take full advantage of this powerful legal safeguard.
Asset Protection for High-Risk Professionals
Certain professions—such as healthcare providers, attorneys, and high-level executives—face elevated liability exposures. We design tailored asset protection plans using trusts, business entities, and statutory exemptions like those in Chapter 222 to secure personal wealth. This proactive approach helps clients in Miami maintain financial stability, even in the face of potential claims.
Frequently Asked Questions
What assets can be protected under Florida law?
Primary residences, certain retirement accounts, and specific annuities enjoy strong protections. Additional assets may be secured through carefully crafted trusts, LLCs, and other legal entities. We help determine which strategies best align with each client’s asset portfolio and risk tolerance.
How does an irrevocable trust protect assets?
When assets are placed into an irrevocable trust, legal ownership shifts to the trust itself. This change typically prevents creditors from seizing those assets, reducing liability risks and enhancing overall financial stability.
Can asset protection help if I face a lawsuit?
Yes. Proactive asset protection measures, put in place before litigation or creditor claims arise, can significantly limit exposure. By establishing legal structures in advance, individuals and businesses can better insulate their wealth from future legal actions.
Is asset protection legal in Florida?
Absolutely. Asset protection, when conducted following state and federal law, is entirely legal. Our attorneys ensure all strategies meet statutory requirements, constitutional principles, and ethical standards, enabling clients to protect their wealth responsibly.
Do I need asset protection if I already have insurance?
Insurance is essential but may not cover all liabilities or exceed certain claim limits. Asset protection serves as an additional defense, ensuring that wealth remains secure even if claims surpass insurance coverage or fall outside policy parameters.
About Miami, Florida
Miami, a city of over 455,000, is a hub for international commerce, and thriving business sectors. From the financial hubs of Brickell and Downtown to the entrepreneurial energy in Wynwood and the upscale neighborhoods of Coral Gables, residents seek to preserve the fruits of their labor. Robust asset protection strategies enable Miami’s professionals, business owners, and investors to shield their wealth against uncertainty. By embracing the state’s legal frameworks, Miami clients can confidently navigate an ever-evolving economic landscape, knowing their legacy and assets remain secure.
For more information on our asset protection services, visit our Trusts, Probates & Estates practice area.
