Often, a high-risk professional will title all assets in the name of their non-professional spouse as an asset protection plan. The professional thinks they are a lawsuit target, but in the event they are sued, they could tell their adversary that they “have nothing in my name.” It’s a simple plan, but it sometimes backfires
February 5, 2010
Sometimes The "Low-Risk Spouse" Gets Sued: Why Effective Asset Protection Is For The Whole Family
/** * */January 24, 2010
Tenants By Entireties Account Destroyed By Couple’s Treatment Of Funds
/** * */Husband and wife open a joint bank account at a Florida bank, and on the signature card, they pencil in the words “tenants by entireties” to express their intent that the account be an exempt entireties account. Subsequently, the deposit in the account money from another joint bank account and a joint income tax refund. These facts support clearly the conclusion that all money in the account is owned tenants by entireties, and assuming no fraudulent transfers, the money is protected from the individual creditors of either spouse
