Dear Juris Doctor;

I have depleted my savings.  My job is not secure and I have a lot of credit card debt. How do I protect my assets from potential creditors?

Thank you, Martin from PGA National

Dear Martin;`

As a Florida resident, Florida Statutes provide some protection to your assets from the claims of creditors. The most notable is the homestead protection afforded to a primary residence.  There are limitations to the exemption.  Florida Statutes Chapter 222 outlines the investments that may be exempt from creditors.  They include the cash value of life insurance, annuities, individual retirement accounts, disability income, prepaid college tuition plans, health savings accounts, hurricane savings accounts and unemployment benefits.  It is important to consult an attorney regarding any of these exemptions because they may not be available to you under certain circumstances.  The timing of these investments is critical so it is important to speak with your attorney and tax adviser before you make these financial decisions.

Sincerely, J.D.

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