In addition to severely weakening the asset protection advantage of a single member LLC in Florida, the Florida Supreme Court’s decision in the Olmstead case unfortunately calls into question the effectiveness of multi-member LLCs in this state.
The Olmstead decision provides a stark reminder of two very important points:
1.Asset protection law varies significantly from state to state; and
2.Asset protection laws are constantly changing, both through statutory changes and court decisions.
Having a competent professional assist you with your asset protection planning is vitally important. It is also important to have any asset protection plan reviewed periodically because the law in this area is evolving very rapidly.