What assets are protected under Florida law?
Other investments protected by Florida law are (1) IRA & qualified plan benefits; (2) wage exemption; (3) wage accounts (but only for 6 months); (4) life insurance, both term and cash value provided the policy is owned by the insured; (5) annuities; (6) Florida Pre-Paid Plans; (7) 529 college plans.
What property is exempt from creditors in Florida?
Up to $1,000 of your personal property is exempt from being taken by a creditor. If you do not own a home, then up to $4,000 of your personal property is exempt. You may choose what property you keep. However, if the property was given as security for a loan, it probably will not be protected from that one creditor.
What does homestead property mean in Florida?
The Florida Constitution defines homestead as real property to the extent of no more than one half of an acre of contiguous land in a municipality, owned by a natural person, and the improvements on it. The owner must “have made or intend to make the real property his or her permanent residence or that of his family”.