4 ms·
That's an asset, right? So it would be part of the $50-100M
by Buge 7y ago
That's an asset, right? So it would be part of the $50-100M
- yebyen 7y agoNot in Florida, https://www.alperlaw.com/florida-asset-protection/ https://www.alperlaw.com/florida-asset-protection/
- toomuchtodo 7y agoPrimary residence in Florida is shielded from bankruptcy and creditors. Also retirement accounts (both IRAs and 401ks). Lease your expensive ride and you’re mostly judgement proof.
- caf 7y agoCan you shield additional liquid assets by installing solid gold toilets in your Florida mansion?
- jjeaff 7y agoProbably, it is not uncommon for people to dump large sums of money into renovations to their property before a bankruptcy. Although I would imagine if it was very egregious, like $1m toilets when essentially no one else has anything reasonably close to that, that a judge would probably strike that down and require you to liquidate it.
- mwerty 7y agoWhat happens if you sell it, say, a year after filing for bankruptcy? Can you keep the cash?
- toomuchtodo 7y agoNo. There is some nuance, but the proceeds must be used in a reasonable amount of time to purchase another protected primary residence. http://www.gibblaw.com/are-the-proceeds-from-sale-of-homestead-property-protected-from-judgment-creditors/ http://www.gibblaw.com/are-the-proceeds-from-sale-of-homeste...
- ndesaulniers 7y agoNow I'm wondering if people retire in Florida to avoid retirement accounts and residences from being reclaimed during bankruptcy. Sounds like a great recipe for scam artists, TBH.
- toomuchtodo 7y agoPeople retire in Florida because it's warm and there's no state income tax to double dip on your investment or other income. Great creditor protections is a second order effect.