Florida Lawyer Trust & Probate Blog

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

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

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

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

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

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

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

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

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?

By Phillip B. Rarick, Miami Trust Attorney 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 Read Full Post

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

 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

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

Bad Advice You Hear All The Time

By Phillip B. Rarick, Esq.,  Miami Trust Attorney   Quote: There are three things that are real – God, human folly and laughter.  The first two are beyond our comprehension.   So we must do what we can with the third.   -  John F. Kennedy Here are five bad items of advice – that you hear Read Full Post

Comprendiendo Fideicomiso de Vida Para Residentes de la Florida

By Phillip B. Rarick, Esq., Miami Trust Attorney ¿Qué es un fideicomiso de vida? ¿Cómo ayuda a evitar la legalización? ¿Por qué la mayoría de familias están usando un fideicomiso de vida en vez de un testamento para proporcionar para sus queridos? Estas preguntas y muchas más tienen respuesta en nuestro informe popular, Comprendiendo Fideicomiso Read Full Post

12 Point Estate and Asset Protection Plan Checklist for 2014

______#1.       Estate Planning Check.   It may have taken a year for a consensus to develop, but as demonstrated at the 2014 Heckling Institute on Estate Planning, most estate planners now concur that the 2012 American TaxpayerRelief Act (ATRA) has fundamentally changed estate planning.  The new law increases the estate tax exemption to $5.34 million per Read Full Post

File Your 2014 Annual Report – But Watch For These 4 Scams

By Phillip B. Rarick, Miami Asset Protection Attorney Within the past week, the Florida Department of State began sending notices by email to all persons with interests in Florida corporate entities, such as LLC’s, corporations, and limited partnerships.  These reports are due May 1, 2014 and there is no waiver of the $400 late fee Read Full Post

Allocation Of Wrongful Death Proceeds In Florida Probate

By Phillip B. Rarick, Esq., Miami Probate Attorney   I.          Determining Survivors The personal representative has a duty to bring an action for the wrongful death of the decedent.  F.S. 768.20.    The Act  provides for damages for the estate and “survivors”.   Survivors include the surviving spouse, “minor children” under 25 years of age, and in Read Full Post

When Do You Need To File Notice Of Change Of Ownership Or Control (Form DR-430) For An Entity Owning Florida Real Estate?

By Phillip B. Rarick, Esq.,  Miami Trust Attorney Summary: The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest. Notice of Change of Ownership Read Full Post

By Phillip B. Rarick, Esq.,  Miami Trust Attorney Summary: The following Alert discusses the Florida real estate form DR-430 required to be filed upon the cumulative transfer or control of more than 50% of the legal entity that owned the property, or transfer of more than 50% of ownership interest. Notice of Change of Ownership Read Full Post

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