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About MMJ Law
We work closely with our clients to identify the best solutions for their estate planning and protection needs. This includes trusts and wills, asset protection trusts, and much more. Our advanced asset protection structures work to reduce your risks while enhancing the opportunities you have to make wise decisions for your assets. With years of experience in crafting highly protective estate plans, including those that respond well even under the growing litigious country we live in, you can depend on MMJ Law to be there for each one of your needs.
We also provide full probate and probate administration solutions, including litigation. If you need help with Medicaid assistance, VA aid and benefits, or other needs, reach out to us immediately for guidance.
Learn more about how MMJ Law can provide you with legal support for estate planning, asset protection, and wills. Contact our estate planning attorney serving all of Arizona and the Greater Tampa, Vero Beach, and Sarasota, Florida, areas.
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Florida business owners face significant risks when it comes to asset protection. From lawsuits to creditor claims, unforeseen circumstances can jeopardize hard-earned wealth. One powerful legal tool to safeguard assets is the Asset Management Limited Partnership (AMLP) . This structure provides a robust layer of protection against personal and business liabilities while offering estate and tax planning flexibility. Our Tampa asset protection attorneys from MMJ Law are here to help. What Is an Asset Management Limited Partnership (AMLP)? An AMLP is a type of limited partnership (LP) designed to protect assets from creditors and legal claims. It consists of: ● General Partners (GPs) – These individuals or entities manage the AMLP and have unlimited liability. Typically, a business owner controls this role through a corporate entity to limit personal exposure. ● Limited Partners (LPs) – These partners contribute capital but do not participate in management, limiting their liability to their investment in the partnership . By strategically structuring an AMLP, Florida business owners can shield their assets from personal and business creditors while maintaining control over their investments. Key Benefits of AMLPs for Asset Protection 1. Protection from Lawsuits and Creditors ● In Florida, creditors cannot seize an AMLP’s assets outright. Instead, they can only obtain a charging order , which allows them to collect distributions (if any are made) but does not grant control over the partnership. ● This discourages lawsuits and provides leverage to negotiate settlements on favorable terms. 2. Estate and Succession Planning ● AMLPs facilitate seamless wealth transfer by allowing limited partnership interests to be gifted to heirs or placed into a trust. ● Business owners can retain control as general partners while gradually transferring ownership to family members or successors. 3. Tax Efficiency ● Florida has no state income tax, and an AMLP allows for pass-through taxation, meaning profits and losses flow directly to partners without being taxed at the entity level. ● Business owners can also take advantage of valuation discounts, which reduce estate and gift tax liabilities when transferring partnership interests. 4. Separation of Risky and Safe Assets ● AMLPs allow business owners to segregate high-risk assets (e.g., real estate, equipment) from low-risk assets (e.g., cash, securities, intellectual property). ● This ensures that liability from one asset does not expose the entire estate to legal threats. How to Set Up an AMLP in Florida Creating an AMLP requires careful planning and adherence to Florida laws. The process typically includes: 1. Choosing a General Partner – Business owners often use a limited liability company (LLC) or trust to serve as the general partner, minimizing liability exposure. 2. Drafting a Limited Partnership Agreement – This document outlines control, profit distribution, and succession plans to ensure smooth operation and legal compliance. 3. Registering with the Florida Department of State – AMLPs must file the necessary documentation and adhere to Florida partnership laws. 4. Funding the Partnership – Assets such as real estate, business interests, or investments can be transferred into the AMLP. 5. Ongoing Compliance – Business owners must maintain proper records, file annual reports, and follow legal formalities to ensure the AMLP remains protected. Is an AMLP Right for You? Florida business owners with significant assets, high-risk professions, or concerns about future lawsuits should consider an AMLP as part of their comprehensive asset protection strategy. Consulting with an experienced Florida estate planning and asset protection attorney can ensure that your AMLP is properly structured and aligned with your financial goals. Final Thoughts An AMLP is a powerful legal tool that can shield Florida business owners from creditors, lawsuits, and excessive taxation while ensuring long-term wealth preservation. By implementing the right legal protections, business owners can safeguard their assets and secure their financial legacy. If you’re interested in setting up an AMLP or exploring other asset protection strategies, contact MMJ Law to speak with a Tampa asset protection lawyer for expert guidance.
Serving as the executor of an estate is no small task, but if you live outside of Florida and have been named the personal representative (executor) of a Florida estate, you may quickly realize that the Sunshine State has some unique probate rules. These differences can create confusion, delays, or even legal roadblocks if you're not prepared. At MMJ Law, our Tampa probate attorneys guide families across state lines through the Florida probate process with clarity and care. If you're managing an estate from out of state, here are three key things you need to know about Florida probate law. 1. Florida Limits Who Can Serve as a Personal Representative Unlike some states, Florida has restrictions on who may serve as a personal representative of an estate. To qualify, an out-of-state executor must be a blood relative or legally adopted child or parent of the deceased. In-laws and friends typically do not qualify , even if they were named in the will. This surprises many out-of-state executors and can create complications if they name someone who doesn't meet the qualifications. In those cases, the court may appoint a qualified Florida resident or eligible family member instead. Tip: If you've been named as an executor and are unsure about your eligibility, consult with a Florida probate attorney early to avoid delays. 2. Florida Has a Formal Homestead Exemption That Impacts Probate Florida's homestead laws are among the strongest in the country and can significantly affect how real estate is handled in probate. A decedent's primary residence may qualify as "homestead ," which means it may pass outside of probate and receive creditor protections— but only under certain conditions . Homestead laws also affect who can inherit the home. For instance, surviving spouses and minor children have special rights that override the will in some cases. These rules are complex and often require a court to make a legal determination. Tip: If the estate includes Florida real estate, it's crucial to have a local attorney determine whether the property qualifies as homestead and how it should be handled. 3. Florida Requires Legal Representation for Most Probate Cases In Florida, you cannot probate an estate on your own unless you are the sole beneficiary and personal representative. For almost all other cases, including when multiple beneficiaries are involved or when you're out of state, you are legally required to work with a Florida-licensed attorney . An attorney is not legally required in the following situations: Summary administration Disposition without administration Estate where the personal representative is the sole beneficiary This rule ensures that the process is handled in compliance with Florida's unique procedural and legal requirements, including deadlines, notice obligations, and asset distributions. Tip: Choose a probate attorney with local experience and knowledge of Florida's specific rules—they'll become your most valuable resource. Need Help Navigating Probate in Florida? If you're an out-of-state executor facing Florida's probate process, MMJ Law in Tampa, Florida, is here to help. Our experienced Tampa probate lawyers walk you through every step, minimize the stress, and make sure your loved one's final wishes are carried out properly. Contact us today for a consultation, and let us simplify the Florida probate process—wherever you are.
Estate planning is not a one-time task. Failing to update your beneficiary designations can lead to unintended inheritances , legal disputes, and costly probate battles. Many people assume that their will or trust controls all their assets, but certain accounts and policies pass directly to named beneficiaries , regardless of what your estate planning documents say. If your beneficiary designations are outdated or incorrect, your assets may go to an ex-spouse, estranged relative, or even someone who has passed away. That is what our Tampa Estate Attorneys at MMJ Law are here to protect against. How Beneficiary Designations Work Certain financial accounts and assets allow you to name a beneficiary , meaning that when you pass away, those assets go directly to the named individual, bypassing probate. Common accounts and policies that require beneficiary designations include: Retirement accounts (401(k), IRA, pensions) Life insurance policies Payable-on-death (POD) bank accounts Transfer-on-death (TOD) investment accounts Annuities Some Trusts Even if you have a detailed will or trust, these designations override what your estate planning documents state. What Happens If You Fail to Update Your Beneficiaries? If you don’t keep your beneficiary designations up to date , the following unintended consequences may occur: Ex-Spouses and Unwanted Beneficiaries May Inherit – If you named your spouse as a beneficiary and later divorced, they could still inherit unless you remove their name. While Florida law automatically revokes ex-spouses as beneficiaries in some cases, this doesn’t apply to all accounts, especially those governed by federal law (like IRAs or 401(k)s). Deceased Beneficiaries Create Legal Confusion – If your named beneficiary has passed away and you never updated the designation, the asset may default to your estate, triggering probate and potential disputes among heirs. Assets May Go to the Wrong Heirs – If you intended for a new spouse, children, or grandchildren to inherit but never updated your beneficiary designations, your assets could go to an unintended party, cutting out those you wanted to benefit. Probate and Legal Disputes May Delay Distribution – If no living beneficiary is named, the asset will likely go through probate , adding time, legal fees, and potential disputes. Creditors may also have access to the asset, reducing what is left for your intended heirs. Trust and Estate Planning Goals May Be Undermined – If you have a revocable living trust but fail to update beneficiary designations, assets that should have funded the trust may instead pass directly to a named beneficiary, disrupting your estate plan and tax strategies. How to Ensure Your Beneficiary Designations Are Up to Date To avoid these costly mistakes, follow these steps: Review your beneficiary designations regularly , especially after major life events like marriage, divorce, birth of a child, or death of a loved one. Ensure your designations align with your estate plan , especially if you have a trust. Name contingent beneficiaries in case your primary beneficiary predeceases you. Consult an estate planning attorney to ensure your designations are legally sound and structured for tax efficiency. Protect Your Legacy with Proper Estate Planning At MMJ Law in Tampa , we help clients review and update their estate plans to prevent unintended beneficiaries from inheriting their assets. If you haven’t checked your beneficiary designations in years, now is the time to act. Contact our Florida estate planning attorneys today to ensure your assets go where you intend.
