It complements Florida’s Constitution Article X, Section 4, which protects a decedent’s homestead property from claims of creditors. Specifically, what tangible personal property is protected? However, the laws of Florida provide for some specific exemptions to such seizures. When two spouses are named as debtors in the same judgment only one of the spouses can be head-of-household. ( ie $ 500,000.00 ) or is there a limit of there value? This is available to regular and mobile homes on land up to one-half acre in a city or town and up to 160 acres in an unincorporated area. Without protected retirement funds a debtor and his family could become dependent upon state government subsidy and care.. A defined benefit plan can be protected even with a sole owner participant. The statutory exemption specifically includes pension plans designated for teachers, county officers and employees, state officers and employees, police officers, and firefighters. Bankruptcy exemptions describe the personal and real property a bankruptcy debtor may keep through the bankruptcy process and retain after the bankruptcy. But, if the two earning spouses do not have children neither will qualify to claim head of household exemption from wage garnishment. However, you can always voluntarily place a lien on your homestead property. It is important to determine where certain assets are legally located in order to understand the exemption and collection law applicable to the asset. Courts have liberally applied the life insurance and annuity exemption to include cash proceeds after being deposited into a bank account. The cash value of life insurance may not be exempt if invested in another asset. Particularly, Switzerland and Liechtenstein have laws which guard annuities from attack by creditors from outside countries including from the United States. You can exempt an unlimited amount of equity in your home or other property covered by the homestead exemption as long as the property isn’t larger than half an acre in a municipality or 160 acres elsewhere. And for that matter is the Federal stimulus and extra $600 per week at the time exempt as well? All annuities are exempt from creditors according to Florida Statute 222.13. Previous version of the relevant Florida statute disallowed such exemption because the plan would not have been ERISA compliant. This share is known as exempt property under the Florida Probate Code. Both exemptions provide protection from creditors’ claims. For many, this means Florida personal property exemptions, among others. The equity value is what the market price of the car is, less any loan balances due on it. Pensions, 401k plans, IRAs, and other tax deferred retirement assets are protected from creditors in Florida pursuant to Section 222.21 of Florida Statutes. Florida has one of the most generous homestead exemptions in the country. A debtor may be surprised when a creditor garnishes wages even though the debtor is a head-of-household when the debtor inadvertently signed a waiver in credit documents. Does an IRS Tax Lien Attach to Irrevocable Trust? According to what I am reading they cannot garnish any IRA. 732.4015 Devise of homestead. 732.403 Family allowance. Florida has arguably the strongest homestead exemption in the entire country. There are several types of annuity contracts. The homestead exemption in Florida protects up to 1/2 acre of real property in a city and up to 160 acres in the county from property liens and forced sale. Courts have protected alimony from garnishment to provide financial support for the recipient spouse and their dependents. There is strong public policy in favor of protecting retirement plans from creditors. Insurance and annuity payments remain protected after they are deposited in a financial account if the funds can be accurately traced back to the exempt annuity or insurance policy. Property of any value that is prescribed as a health aide. Additional protection is available by purchasing international annuities. Dependents include children or parents. If you work in another state, you are subject to the wage garnishment laws of the state where the work is performed. A home that is owned and lived in by the creditor can be exempted from a judgment under Florida's homestead law. When you buy your homestead with a mortgage, you are voluntarily giving the lender a lien on your homestead property. Yes they can likely try to garnish later. A Florida homestead property is generally exempt from civil judgment liens. 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