The depressed economy of South Florida has caused every dollar you earn and every asset you own to be at risk. Vultures in the form of creditors and litigators are salivating at the thought of a successful individual who has his assets unprotected. If you are making money, you currently have a bull’s eye on your back. The only way to protect what you’ve earned from those that are trying to take it from you is to set up a comprehensive asset protection plan. Thirty percent of potential lawsuits are avoided by the mere presence of an asset protection plan.
Florida Real Estate Investors Should Always Own Property in a Florida LLC
When you invest in South Florida rental properties, your risks are more than just a struggling real estate market and a renter that may pay later than the first of the month. Owning investment real estate in an individual’s own name is one of the biggest mistakes a person can make. By using a multiple member Florida limited liability company (LLC) as the owner of the property, the investor creates a protective shield that prevents them from being sued personally in case a renter or their guest gets injured on the property. The LLC will also shield the real estate from any personal creditors the investor has.
Physicians, Dentists and Other Professionals Require Comprehensive Planning
If your Florida business requires you or your employees to physically touch a client, or you are in an industry that tends to be litigious, it is imperative that you establish an asset protection plan beyond the presence of professional liability insurance. The “do-it-yourself” asset protection plan physicians used to employ was to put everything in their spouse’s name but that went out the window when the divorce rate went over fifty percent. Now, more than ever is the time to sit with a professional asset protection attorney and put a legitimate asset protection plan in place.
Deficiency Judgments are Often Avoided by Even Basic Asset Protection Planning
Whether you are attempting to qualify for a short sale, can no longer afford your mortgage payment or even already have a foreclosure judgment against you, it is not too late to protect your assets from the threat of a deficiency judgment. No matter what you may hear from other sources, asset protection is not illegal and is always an option, no matter what threat you are facing. A consultation with our South Florida Asset Protection Attorneys will provide you with the security and peace of mind that you have been looking for.
For more information on successful Florida asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?