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Aug 31, 2010

The Limits of Asset Protection For Florida Homestead Property

Authored by: Michael C. Levy, Esq. Protecting an estate or trust’s assets from creditors often requires estate planning attorneys to advise clients to buy or own property in states with strong asset protection statutes.  The Florida Homestead Law provides, amongst other benefits, one of the strongest protections against the claims of creditors.  Generally, creditors cannot force the sale of homestead property to satisfy their outstanding claims.  However, a recent Tax Court decision indicated one major exception to this rule. In Rubenstein v. Commissioner, the IRS sought to levy against the transferee of Florida homestead property to satisfy the claims against… Read more