Miami Lawyer Trust and Probate Blog

FLORIDA ASSET PROTECTION: 7 KEY STRATEGIES FOR THE SMALL BUSINESS OWNER, PHYSICIAN, AND OTHER PROFESSIONALS

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick, Esq., Miami Asset Protection Attorney In our litigious society anyone can become a target of a plaintiff seeking to get a money judgment against you personally.   In today’s real estate market, where it is usually impossible to negotiate with the lender, deficiency judgments are a major concern.  You may have excellent Read Full Post

UNDERSTANDING LIVING TRUSTS: A QUICK GUIDE IN PLAIN ENGLISH

This post was written by Phillip B. Rarick, Esq.

By: Phillip B. Rarick, Esq., Miami Trust Attorney I am pleased to announce that we have published on our web site a quick and easy explanation of living trusts.    Click here:  Understanding Living Trusts.  Note:  A PowerPoint presentation will appear in your lower task bar; click the presentation. Every person should have a living trust, Read Full Post

FLORIDA GUARDIANSHIP QUICK REFERENCE GUIDE

This post was written by Phillip B. Rarick, Esq.

By  Phillip B. Rarick, Esq., Miami Probate Attorney   Introduction The commencement of a Florida guardianship is typically used in two situations – either when a person may be incapacitated or when a minor receives assets in excess of $15,000.  If a guardianship is sought because someone may be incapacitated, then typically the court sets two Read Full Post

FAST TRACK FLORIDA PROBATE

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick, Miami Probate Attorney Introduction Most states have streamlined probate procedures for smaller estates.  Florida’s procedure is called Summary Administration and can be used to expedite administration of estates not exceeding $75,000 or when the decedent has been dead for more than two years.  F.S. 735.201(2).  It avoids the appointment of a Read Full Post

FLORIDA PROBATE QUICK REFERENCE GUIDE

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick, Esq.,  Miami Probate Attorney   Executive Summary Probate is the legal process for transferring assets owned by decedent according to the decedent’s will or Florida intestate law to his or her beneficiaries after all legitimate creditors of the estate have been paid.  The Personal Representative (in other states this role is Read Full Post

MOVING TO FLORIDA: MANY ADVANTAGES – BUT BEWARE OF THREE TRAPS

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick, Miami Trust Attorney   Executive Summary In addition to our sunshine, Florida has one of the best tax and asset protection climates of any state in the country.  Florida has no state income tax, no fiduciary tax, no intangible tax, no estate tax, and arguably the most generous homestead laws anywhere Read Full Post

7 Point Checklist for Pre-Divorce Planning

This post was written by Phillip B. Rarick, Esq.

First, let’s hope you don’t need this.  But, if you do, here is a checklist of key estate planning items that should be considered prior to filing a petition for dissolution of marriage: Note: This is a partial list of key items.  Invariably there are other considerations.  Consult your estate planning attorney. 1.         Revise living Read Full Post

12 Asset Protection Advantages of the Nevis Trust

This post was written by Phillip B. Rarick, Esq.

According to a recent Florida Bar treatise, Nevis, along with the Cook Islands, are recognized as foreign jurisdictions with “the most modern and comprehensive asset protection trusts legislation.”[i] Here are the multiple advantages of a Nevis Trust.  References to “The Nevis Act” are to the Nevis International Exempt Trust Ordinance, 1994.  For entire law, See Read Full Post

Estate Planning For Florida Same Sex Partners or Spouses: What You Should Know About TBE Delaware LLC’s

This post was written by Phillip B. Rarick, Esq.

Introduction Florida same-sex partners and same gender couples who were legally married in a state outside of Florida and have now moved to Florida should consider using a TBE (Tenants by Entireties) Delaware LLC to own Florida real estate or intangible property. Here is why. Strategy An important asset protection strategy available to married persons Read Full Post

Asset Protection Checklist For The Florida Small Business Owner

This post was written by Phillip B. Rarick, Esq.

 By Phillip B. Rarick, Miami Wealth Protection Attorney*   Action Item Done  Homestead is under ½ acre if in municipality; if not in municipality then under 160 acres.   Note: Consider leaving mortgage on property – even if not necessary – as excellent asset protection option.  The mortgage can be paid down to avoid creditor attack. Read Full Post

Transfer of Motor Vehicles after Owner’s Death: How to Avoid Probate in Florida

This post was written by Phillip B. Rarick, Esq.

By Cristina M. Fernandez, Esq. A.        The Question A common question we encounter is how to transfer the title of a motor vehicle upon the death of its owner. B.        Law Summary Florida law allows the beneficiaries or heirs of a deceased person to transfer a motor vehicle title without the need of a formal Read Full Post

FLORIDA DOMICILE CHECKLIST

This post was written by Phillip B. Rarick, Esq.

 A.  Domicile  vs. Residence “Domicile” and Residence are two different legal terms, but often confused.  A person can have only one domicile, but any number of residences in different states. Domicile is your actual residence in the state joined with your intention to make that state your permanent home.  In order to establish a new Read Full Post

The New Consensus From Heckerling: The Estate Planning World Has Flipped 180 Degrees By ATRA

This post was written by Phillip B. Rarick, Esq.

How fundamentally has the 2012 American Taxpayer Relief Act (ATRA) changed estate planning?  It may have taken a year for this consensus to develop, but the simple answer that was apparent at the recent 48th Annual Heckling Institute on Estate Planning is this:  Profoundly; there is a new paradigm in estate planning. Paul Lee, the Read Full Post

Pet Trusts: Have You Forgotten Your Pet(s)? Your Very Loyal Pet?

This post was written by Phillip B. Rarick, Esq.

Who is the first to greet you when you come home?  For me, it used to be my young daughters or son.  But now that my youngest daughter is a teenager (and too cool for such shows of affection) those days are past.  So now the first to greet me is Toby, our loyal Yorkie. Read Full Post

Three Smart Legal Points To Know if You Own a Boat – or Jet Skies

This post was written by Phillip B. Rarick, Esq.

 By Phillip B. Rarick, Miami Asset Protection Attorney   The saddest and most tragic call I have ever received as a lawyer came when a parent called and said her teenage son, while operating a jet ski, had run over a young girl who happened to be about the age of my daughter.  I declined Read Full Post

What’s Wrong With This Picture? NY Attorney Names Himself As Personal Representative For A Florida Resident

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick,  Esq., Miami Probate Attorney We have written about this issue in the past, but it is one that keeps popping up.   Here are the relevant facts.  Note: I have changed some facts to avoid disclosure of private information. Recently, we reviewed a New York will where the drafting attorney named himself Read Full Post

This post was written by Phillip B. Rarick, Esq.

By Phillip B. Rarick,  Esq., Miami Probate Attorney We have written about this issue in the past, but it is one that keeps popping up.   Here are the relevant facts.  Note: I have changed some facts to avoid disclosure of private information. Recently, we reviewed a New York will where the drafting attorney named himself Read Full Post

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