There are some estate planning techniques which properly combine entireties asset protection and optimal estate tax planning after the first spouse’s death.
Tenants By Entireties Ownership In Other States
Florida residents who maintain property or accounts in states other than Florida are subject to exemption laws of the state where the property is located. Most states do not offer unlimited tenants by the entireties protection. On the other hand, Florida’s tenants by the entireties protection is afforded to real property and tangible personal property located in Florida and owned by debtors who reside permanently outside Florida.
Tenants By Entireties in Bankruptcy
Technically, tenancy by entireties is not a property exemption because it is not excluded from execution by Florida statute. Instead, it is a feature of Florida property law. In bankruptcy, debtors cannot claim Florida exemptions of their assets until they have resided in Florida for two years. But, bankruptcy debtors do not have to reside in Florida for any minimum time before they can file bankruptcy and protect entireties assets as long as only one spouse files and the couple has no joint unsecured debts.
Carlos Aznar
Direct: (321) 251-4433 Cell: (407) 616-9636
Email: [email protected]
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