Florida Trust & Probate Attorneys Blog

Asset Protection Checklists For Florida Physicians

Published on: March 16, 2015 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Weston Asset Protection Attorney

The Checklist Manifesto by Atul Gawande is a current, hot selling book written by a physician and advising how to get things right by implementing commonsense systems.

In today’s modern medicine, coupled with our information age, where virtually every procedure can be scrutinized by an “expert” easily found on Google, it should be standard procedure for every doctor to have a comprehensive asset protection plan – one that is up-to-date to meet the challenges of our fast-changing legal system.

Understanding Step-Up in Basis

Published on: July 23, 2024 | by Rarick & Bowden Gold

A Crucial Tool for Estate Planning

By: Jacquel ine R. Bowden Gold, Miami Estate Planning Attorney

Step-up in basis is a tax provision in the United States that can significantly benefit those who inherit assets. By resetting the value of an inherited asset to its fair market value at the time of the decedent’s death, this provision can potentially minimize capital gains taxes when the asset is sold. Understanding how step-up in basis works and how to effectively receive it can be crucial for effective estate planning and maximizing the value of inherited assets.

6 Ways to Avoid Guardianship

Published on: July 15, 2024 | by Rarick & Bowden Gold

By Jacqueline R. Bowden Gold, Miami Estate Planning Attorney

Many people are concerned about their family avoiding probate upon their passing, but how can you avoid guardianship proceedings? As people age, the risk of cognitive decline and physical disabilities can sometimes necessitate guardianship, where a court appoints someone to make decisions on behalf of the elder. However, guardianship can be restrictive and often perceived as a loss of autonomy. Fortunately, there are several ways to avoid guardianship and ensure that you or your elder family members retain control over their lives and decisions for as long as possible. These measures are not only essential for maintaining independence but also crucial for avoiding guardianship proceedings and reducing associated costs. Here are some effective strategies:

Avoid Guardianship for Elder

Durable Power of Attorney (DPOA)

Disabled Child Turning 18

Published on: June 25, 2024 | by Rarick & Bowden Gold

Disabled Child Turning 18:

Legal Support for My Disabled Child

By Jacqueline R. Bowden Gold, Miami Estate Planning Attorney

Florida Successor Trustee Checklist 2024

Published on: May 30, 2024 | by Rarick & Bowden Gold

Instructions
Florida Successor Trustee Checklist

By Phillip B. Rarick, Miami Trust Attorney

You are named the successor trustee and the trustmaker has just died. No doubt these are difficult times, but thankfully there are many resources to help. The following is a checklist of initial important tasks to help guide you after the funeral or memorial service.

12 Point Wealth Protection Checklist For 2024

Published on: May 19, 2024 | by Rarick & Bowden Gold

By: Phil Rarick & Jacqueline Bowden Gold, Estate & Business Law Attorneys

Note: Rarick & Bowden Gold’s mission is helping all families protect their hard-earned wealth regardless of size – we provide basic estate planning for families with modest savings and advanced planning for those with substantial wealth.

_____1. Wealth Protection. Do you have any rental real estate that is in your individual name or an S corporation? Do you have a single member LLC? This is low hanging fruit for any potential creditor, and likely needs to be protected by placing the property in a multi-member LLC with a high quality Operating Agreement. Do you know which assets you own that are protected and which are exposed? If not, we can help analyze this important issue. Schedule a Wealth Protection consultation by calling our office at (305) 556-5209.

File Your 2024 Annual Report – But Watch For These 3 Scams

Published on: January 16, 2024 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Lakes and Weston Estate Planning Attorney

Its a New Year and time to file your 2024 Annual Report if you own a Florida LLC (limited liability company), corporation, or partnership. The deadline is May 1, 2024. The state will charge you a $400 late fee if you miss this deadline.

The official Florida web site is www.sunbiz.org. This site has “Consumer Notices” to alert you to bogus web sites that try to scam persons who file these reports.

BOI Reporting: The Corporate Transparency Act May Impact You

Published on: January 7, 2024 | by Rarick & Bowden Gold

By Jacqueline Bowden Gold, Esq.

If you have a LLC, corporation or partnership this article summarizes critical information about the new Corporate Transparency Act (CTA), that took effect on January 1, 2024. The new law requires persons with such interests to file a report with the federal government and imposes significant penalties for failure to comply.

The CTA is designed to enhance transparency in the business world to combat money laundering, corruption, and other illicit financial activities. Unfortunately, by casting such a large net, it imposes burdensome reporting requirements on the small business owner and real estate investor. Here are the 5 key parts you need to know.

Asset Protection Checklist For Married Professionals

Published on: October 17, 2022 | by Rarick & Bowden Gold

By Phil Rarick, Esq., and Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys

Pros and cons of marriage | The Week UK
If you have creditor threat, do you know what assets are easily exposed to creditors? Do you know what assets are already protected by Florida law? Take this three minute survey for a quick assessment. Your family will thank you!

1. Is your Florida homestead in your name and spouse as “Tenants By Entireties”?

Asset Protection Checklist For Single Professionals

Published on: October 17, 2022 | by Rarick & Bowden Gold

By Phil Rarick, Esq. & Jacqueline Bowden Gold, Esq., Miami Asset Protection Attorneys

Unmarried and Single Americans Week: September 18-24, 2022
The Covid-19 Pandemic has changed the world as we know it and presented daunting challenges we have not encountered in our life-times. It requires a total review of your estate plan and business entities by an experienced Miami asset protection attorney to assure you are taking full advantage of Florida laws designed to protect your assets from creditors.

Take this three minute survey for a quick assessment – it may be the most valuable survey you take this year!

Florida’s New Directed Trust Act: Executive Summary

Published on: September 14, 2022 | by Rarick & Bowden Gold

Curve Balls to Watch for In New Florida Trust Director Law

By Phillip B. Rarick, Miami Trust Attorney, and Hannah S. Rarick, J.D. Candidate

Effective as of last year July 1, 2021, Florida is now 1 of 15 states to enact the Uniform Directed Trust Act (FUDTA), F.S. §§736.1401 to .1416, that allows a third party other than the Trustee to take over some part of the trust administration – such as supervision of a small family business. This third party is called a Trust Director (or directing Trustee) in the new statute; but is also commonly referred to as a Trust Advisor under prior law or Trust Protector in other jurisdictions.