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.

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.

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.

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.orgThis site has “Consumer Notices”  to alert you to bogus web sites that try to scam persons who file these reports.

By Jacqueline Bowden Gold, Esq. and Phil Rarick, 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.

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”?

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!

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.

https://www.rblawfl.com/blog/wp-content/uploads/2022/08/MIAMI-SKYLINE-SUNSET.2-250x300.jpgBy Phillip B. Rarick, Miami Trust Attorney and Hannah S. Rarick, J.D. Candidate

Florida’s short 6-month statute of limitations on a trust accounting can be a sand trap for the qualified beneficiary of a Florida trust. Here are some quick tips based upon our years of experience as Miami Trust attorneys.

Statutory Language

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By Phil Rarick, Miami Trust Attorney

Naming a minor child as a beneficiary of a will, life insurance policy, IRA, 401K, bank account or any other source of fund is almost always a substantial mistake for four reasons:

  1. If the funds are over $15,000 a guardian ad litem may need to be appointed by the court for the minor to access the funds upon death or disability of the parent. See F.S. 744.301. Court costs to petition the court and secure such funds on behalf of the minor could estimate from $3,000 to $5,000.

You will miss this deadline if you do not read carefully – and you may need a magnifying glass to find it.  Around the last weeks of August  you should have received in the mail a “Notice of Proposed Property Taxes” or “TRIM Notice” from your county property tax appraiser.  Buried at the bottom of your  Notice in small print is an important deadline for appealing your tax assessment.

Clearly, the county does not want to encourage you to appeal your property taxes or exemptions.

Note these deadlines:

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