There are no value limits on homestead protection. The Florida Constitution protects a debtor’s primary residence from levy and execution to collect a debt. The best-known Florida asset protection strategy is the Florida homestead.
A plaintiff who accepts your insurance company’s payment releases you and the insurance company from further claims and damages. Having ample insurance limits allows the insurance policies to pay the injured party’s damages and avoid a lawsuit that threatens your personal assets. These types of liability insurance cover your losses and also pay for your legal defense.
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Professional insurance policies are available for: Professional liability insurance is important for professionals, such as doctors, accountants, and attorneys. Uninsured motorist coverage will pay the insured if they are the victim of negligence by an underinsured driver. The best asset protection strategy for potential liability from car or boat ownership is maintaining substantial liability insurance with umbrella coverage. Another example is premises liability for physical injuries incurred on your home property. An example is car ownership where Florida law imposes liability on the owner and the negligent driver. Some aspects of life unavoidably expose married people to joint debt. Automobiles should not be owned jointly causing both spouses to be jointly liable for car liability. For instance, married couples should not agree with any lender to have both spouses co-sign loan documents, including notes and note guarantees. Married people should not expose themselves to joint liability. Marriage provides strong asset protection tools to protect either spouse against individual creditors but not against joint creditors of both spouses.
Planning to minimize risk and liability is fundamental to the protection of your wealth.
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