What is the simplest way to protect your assets if you are being sued? Transfer ownership to a single member LLC in Florida? Sell assets and pay taxes on the sale? Any direction will be appreciated.
Answer
Each of the methods you mention could be the subject of a fraudulent conveyance lawsuit. I think the best way to protect assets is to perhaps convert them to exempt assets if they are not exempt. If you do not have a homestead, you can claim up to $4000 of personal property as being exempt, and other exemptions can be found within F.S. chapter 222
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