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What Assets Are Protected from Creditors When I Pass Away?
Hi. I’m Chip Waller. Many people are concerned about what assets are protected from the creditors when they pass away. The primary asset that the creditors cannot reach is your home. Many times your home is your most valuable asset. Given this present economic recession and real estate bust, the value of your home has gone down substantially, and if there’s a mortgage on it, there may not be any equity, but that is an asset that is protected, and the creditors cannot reach the home if you leave it to your children or your grandchildren or relatives.
If you leave your house to your relatives, it doesn’t matter how much credit card debt or judgments or any other debt that you may have; they will not attach to the home, and it will be passed to your heirs. If you leave it to a non-heir, then it can be reached by your creditors, and it’s called your homestead, and it’s protected under the Florida constitution.
If you’re interested in seeing about having your estate plan prepared either through a trust or a will, we can further discuss what assets are protected from creditors. Please give me a call at (727) 847-2288. Thank you.