WE PROVIDE A WIDE RANGE OF LEGAL SERVICES
Below is a list of several of the trusted legal services offered by our offices.
Our lawyers will also represent you in civil litigation cases such as divorce, child and spouse maintenance.
Asset Protection Attorneys in Florida: Protecting Your Wealth
Our Attorneys at the Law Offices of Daily, Montfort & Toups can help you structure your assets and your wealth in a way that safeguards it against future creditors and litigants who could have claims against it.
What Does it Mean to Take Asset Protection Measures?
Asset protection planning is when you structure your assets and your wealth in a way that safeguards it against future creditors and litigants who could have claims against it. Unfortunately, we live in a Country where individuals will sue each other at the slightest provocation—creating months (or years) of extreme stress, incredibly high legal fees, and with the end potential of depriving you of your hard earned wealth.
Asset protection planning should be intertwined with good estate planning here in Florida. Good asset protection planning not only helps protect your assets against future lawsuits, but it also protects your assets from going through the probate court system here in Florida.
Probate in Florida is another trap that many residents fall into because they don’t do the proper estate planning.
An experienced asset protection attorney will be able to review your assets, examine all potential future creditors, and create an asset protection plan that helps safeguard your wealth. Business professionals and non-business professionals face a minefield of potential creditors here in Florida:
- You could be sued by a past or current business partner or associate
- You could face liability and obligations for student loans, business loans, traditional consumer debt, and other guarantees
- You could be sued after getting into a car accident that may or may not have been your fault
- You could be sued when someone else who is driving your vehicle gets into a car accident
- You could be sued by Medicaid for nursing home costs
- If you’re a business owner, you could be sued by a past, current, or future client
- You could face liability for taxes, such as income taxes, withholding taxes, FICA taxes, etc.
- You could be sued by a former spouse
The best time to think about asset protection planning is now. Many people only think about asset protection planning when they are being sued. Unfortunately, it is often too late at that point to do any sort of asset protection.
Asset protection planning done well in advance will allow you to properly safeguard your wealth against the multitude of potential lawsuits we face on a daily basis.
If you’re looking to safeguard your assets against future lawsuits, the skilled asset protections attorneys at at Daily, Montfort & Toups can create an effective plan through proper estate planning to protect your assets.
We are a Veteran owned law firm and have offices in Sarasota, Venice, St. Petersburg, Osprey, and Clearwater, Fliroda. You can schedule your free consultation today.
How to Protect Yourself From Creditors in Florida
Thankfully, Florida has some of the best asset protection laws in the country. We use a number of different techniques to protect your assets from creditors here in Florida. These techniques include:
- Protected Florida Homestead
- Owning Assets as Tenants by the Entireties as a Married Couple
- Use of Florida Multi Member LLCs
- Offshore Trusts
- Establishing Retirement Accounts and Purchasing Insurance/Annuities
- Special Needs Trusts for Disabled Beneficiaries
- Irrevocable Trusts
- Third-party Spend Thrift Trusts (Trusts for Beneficiaries)
- Medicaid Planning to Protect Assets from the Nursing Home
- Adequate Insurance as a First Layer of Defense
- Making Sure Vehicles, Boats, and RVs are Titled Properly to Minimize Liability
- Structuring Assets to Avoid Probate in Florida
Using all of these techniques properly can make the difference between losing your hard earned assets to lawsuits. By planning ahead and doing the proper asset protection planning, you won’t put yourself in a situation where it’s too late to protect your assets when you’re served with a lawsuit.
We highly recommend that you consult with a skilled asset protection attorney to review your current planning.
If you’re looking to safeguard your assets against future lawsuits, the skilled asset protections attorneys at at Daily, Montfort & Toups can create an effective plan through proper estate planning to protect your assets.
We are a Veteran owned law firm and have offices in Sarasota, Venice, St. Petersburg, Osprey, and Clearwater, Florida. You can schedule your free consultation today.
Common Questions Around Asset Protection Planning
Is Asset Protection Really Important if I Don’t Have Millions?
We believe that asset protection is important for anyone living in Florida since we live in such a litigious country. One bad lawsuit stemming from a car accident—caused by you, your spouse, or your child—that exceeds your insurance coverage could wipe out all of your hard earned assets.
Thankfully, Florida has some of the best asset protection laws in the country. Asset protection often involves just taking advantage of some of these laws here in Florida and learning how to properly structure your assets through homestead, retirement accounts, tenants by the entireties, etc.
Is Asset Protection Legal?
Yes, asset protection here in Florida is completely legal. Good asset protection just involves taking advantage of laws that are already on the book and structuring assets properly so that you can deter future lawsuits.
Is Asset Protection a Substitute for Insurance?
No. We believe that insurance should always be the first line of defense due to the low cost of insurance. Having both adequate insurance and proper asset protection provides you with the most amount of protection.
Will I Avoid Lawsuit Threats if I Engage in Asset Protection?
Proper asset protection will strongly deter potential creditors once they realize that your assets are structured in such a way that they would be unable to collect your assets after receiving a judgment.
Does My Revocable Trust Protect My Assets?
No. Revocable trusts do not provide you with any asset protection since you have full control over your revocable trust.
Revocable trusts are often used in combination with good asset protection so that your assets do not go through the probate process if you pass away.
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We Can Help You
Tax Law
Elder Law & Estate Planning
High Dollar Cases
High profile taxpayers, like sports stars and performers, are the IRS’ way of making an example. Every IRS branch has specially trained Revenue Officers who handle high dollar cases separately.
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Tax Audit Defense
Our tax services include audit defense, IRS appeals, unfiled tax returns, CID investigations, enforced collections – liens, levies and more.
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Payroll Tax Matters
When you run a business and employ workers, you are responsible for handling payroll taxes. You need to deduct your employees’ taxes from their salaries and pay them to the IRS in their name.
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Unfiled Tax Returns
April 1st is a dreaded day for any taxpayer. Just half of all taxpayers manage to prepare their tax returns and file them with the IRS prior to the deadline. The rest usually follow with a couple of weeks delay. Weeks sometimes turn into months and even years.
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IRS Tax Appeals
IRS' Office of Appeals will review your case and provide an independent judgment, often softening the decision of the IRS.
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Elder Law
Elder law is the area of legal practice that encompasses all activities related to planning for a senior’s elder years.
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Medicaid Planning
Medicaid planning – when done properly – allows seniors to preserve their life savings and qualify for Medicaid.
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Estate Planning
Proper estate planning is crucial in order to ensure your assets and most valuable property is protected and managed in the most cost-effective way.
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Probate Law
Probate is a court controlled mechanism where the court transfers assets from someone who died (decedent) to the decedent’s beneficiaries. The beneficiaries are those listed in the decedent’s Will. When the decedent dies with a Will we refer to this as the decedent dying testate.
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Trust Creation and Administration
Estate Planning: Trusts allow you to bypass expensive Probate procedures, maintain the integrity of your assets and secure better future for your heirs. Daily, Montfort & Toups create efficient Estate Planning solutions and Trusts are one of our best tools!
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WHAT OUR CLIENTS SAY
ABOUT OUR SERVICES
I’ve had the pleasure to work with Mr. Daily for over 20 years, and he has always found the time to counsel and explain the best course of action.
JG | Tax Law Assistance And Counsel
Mr. Daily helped me get out of a tax situation that could have forced the dissolution of my business and ruined my credit.
Anonymous | Representation And Defense In Front Of The IRS
Fred assisted us through a multi year audit with ease and professionalism. His guidance was excellent and it was obvious he knew exactly how to handle the IRS
Richard | Multiyear Tax Audit Defense
I’ve had the pleasure to work with Mr. Daily for over 20 years, and he has always found the time to counsel and explain the best course of action.
JG | Tax Law Assistance And Counsel
Mr. Daily helped me get out of a tax situation that could have forced the dissolution of my business and ruined my credit.
Anonymous | Representation And Defense In Front Of The IRS
Fred assisted us through a multi year audit with ease and professionalism. His guidance was excellent and it was obvious he knew exactly how to handle the IRS
Richard | Multiyear Tax Audit Defense