Exemption of Assets

SB 1720 would have protected specific savings accounts from being seized by creditors. It proposed two new exemptions: "homeowner savings plans" (for Florida homestead property owners saving tax savings on their homes) and "qualified home disaster mitigation accounts" (for funds used on home repairs after disasters). These accounts would have been shielded from attachment, garnishment, or legal claims by creditors. The bill required federal tax-exempt status for homeowner savings plans before taking effect and was never enacted, as it died in committee in June 2025.