Florida Lawyer Trust & Probate Blog
A Life Estate the Spouse Can’t Afford: Florida Homestead Trap Cured by New Law
October 18, 2010
Who is Impacted by This Legislation, F.S. § 732.401? The surviving spouse of a decedent when the decedent owned homestead property which was not properly devised or cannot be devised is impacted by this legislation. However, all Florida probate attorneys need to know the implications of the legislation as the new law requires an analysis Read Full Post
Olmstead Patch Bill Signed by Governor: Multi-Member Florida LLC’s Improved As Asset Protection Entity
June 11, 2011
Florida Counsel Trusts & Probate Alert: Executive Summary: Last summer in the case of Olmstead V. F.T.C the Florida Supreme Court held that a charging order is not the exclusive remedy against a single member LLC and indicated that it may not be the exclusive remedy against a multi-member LLC. 2010 WL 2518106 (Fla. June Read Full Post
Moving to Florida: Tips On How To Avoid The Tax Traps
October 8, 2011
A common over-sight of persons moving to Florida is failing to take their trust. They may have packed their trust and taken it with them, but the trust situs remains in their original state. This is usually a mistake. The fact that a client has moved to Florida will not generally mean that the Read Full Post
New Florida Durable Power of Attorney Law Makes Sweeping Changes
September 21, 2011
Introduction The Florida legislature recently enacted the “Florida Power of Attorney Act” (“FPOA”, Fla. Stat. §§709.2101-.2402), fundamentally overhauling existing law, and making sweeping new changes. Even though the new law recognizes durable power of attorneys (“DPA’s) executed under the prior law, we are advising clients to update their DPA, if more than a year old, Read Full Post
How Much Does Florida Probate Cost?
By Miami Probate Attorneys Phillip B. Rarick and Tanya Garcia Vega I. Executive Summary Attorney’s fees and personal representative’s (“PR”) fees make up most of the costs for Florida Probate. The biggest cost are usually attorney fees. Florida probate attorney fees depend on whether the proceeding is Summary Administration – usually the quickest and least expensive Read Full Post
Quick & Easy Explanation of Living Trusts
April 27, 2013
By: Phillip B. Rarick, Esq., Miami Trust & Probate 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. (A PowerPoint presentation will appear in your lower task bar; click the presentation.) Every person should have a living Read Full Post
Transfer of Florida Homestead to a Revocable Trust: Assessing The Risks and Benefits
April 16, 2013
By Miami Trust Attorney Phillip B. Rarick and Ashley Fernald In Florida there is frequently the difficult issue of whether to transfer homestead to a revocable living trust. The client wants to avoid probate and therefore generally wants to transfer the homestead to the trust. However, since the Bosonetto case in 2001, there has Read Full Post
Watch For This Scam: Corporate Records Service
January 10, 2013
By Miami Trust Attorney Phillip B. Rarick, Esq. Last year I reminded you of a state-wide corporate scam called Compliance Services. Well, they are at it again! Recently (approximately January 7-11, 2013) you may have received a letter that looks like an “official” letter from the state of Florida by a company called Corporate Read Full Post
After the Fiscal Cliff: Three Take Away Points For Estate & Gift Tax Planning
January 3, 2013
By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. We averted one Fiscal Cliff. How does the new “Taxpayer Relief Act” passed by the Senate on New Year’s Eve impact estate and gift taxes for the American family? Here are three key points: 1. Estate and Gift Tax rates are increased Read Full Post
Standby Florida Elective Share Trusts
October 6, 2012
By Miami Probate Attorney Phillip B. Rarick, Esq. Florida’s elective share statute allows attorneys to draft standby Florida elective share trusts. (For a summary of Florida’s elective share see our post: Florida’s Sweeping Elective Share.) As of April 23, 2002, trusts that create property interests contingent upon an election being made are now qualified to Read Full Post
Florida’s Sweeping Elective Share
October 6, 2012
By Miami Probate Attorney Phillip B. Rarick, Esq. Florida’s 30% elective share law was completely rewritten in 2001 because the old law could be easily circumvented by placing assets in a revocable trust or using non-probate transfers (e.g. life insurance, IRAs etc.) In an effort to curtail such tactics, the legislature overhauled the statute and Read Full Post
Asset Protection in Florida: Five Common Mistakes – Five Tested Solutions
September 16, 2012
By Miami Asset Protection Attorney Phillip B. Rarick, Esq. 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 Read Full Post
Property Tax Appeal Deadline: Read the Small Print!
September 2, 2012
By Miami Probate & Real Estate Attorney Tanya Garcia Vega, Esq. You will miss this deadline if you do not read carefully - and you may need a magnifying glass to find it. Within the past two weeks you should have received in the mail a “Notice of Proposed Property Taxes” or “TRIM Notice” from your Read Full Post
Year End Estate Planning Tips for 2012
September 2, 2012
By Miami Trust Attorney Phillip B. Rarick, Esq. Hard to believe we are in September already – where did the summer go? Before we get to the holidays, here are a four practical estate planning tips to consider: • Get a Living Trust – At the very least: Whether you have $100,000 or $1 million or Read Full Post
Federal Gift Tax Update: The Window May Close Soon
September 2, 2012
By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. I. The Opportunity – And The Problem. The Opportunity: Gifts to family members and others are free of the U.S. gift tax if under the exemption. Specifically, U.S. Citizens in 2012 can give away assets worth $5,120,000 ($10,240,000 per couple) without having Read Full Post
By Miami Trust Attorneys Phillip B. Rarick, Esq. and Jay R. Beskin, Esq. I. The Opportunity – And The Problem. The Opportunity: Gifts to family members and others are free of the U.S. gift tax if under the exemption. Specifically, U.S. Citizens in 2012 can give away assets worth $5,120,000 ($10,240,000 per couple) without having Read Full Post
