Florida Estate Planning: Protected Entities for Transferring Assets
There are several places that you can transfer assets to–both in and out of your estate–that offer asset protection:
Closely Held Corporation: This protected entity is a private company that is usually owned by the members of a family who act as the shareholders. Because it is an entity and not a person, it is separate and has its own rights and privileges regarding the assets it holds.
Offshore Trust: This protected entity is operated by a trustee – typically the bank administering the offshore trust or one of its officers – who oversees the management of the trust assets, usually at the direction of the grantor of the estate that holds the trust. Like the closely held corporation, an offshore trust has legal rights that separate it from family members.
Family Foundation: You can set up a family foundation as a single Florida family and transfer assets into this protected entity. The foundation will typically be private, and family members can serve as foundation officers of members of the foundation’s board of directors.
There are a number of other protected entities you can consider to protect assets. If you have an interest in transferring your assets to or from a trust into any other protected entity, contact our law firm of Wood, Atter & Wolf, P.A..
