Asset Protection

8 Point “Porcupine” Asset Protection Strategy

Published on: October 9, 2018 | by Rarick & Bowden Gold

May the odds be with you –but frankly they’re not. More than 60% of doctors over the age of 55 have been sued at least once, according to a new survey by the American Medical Association (AMA). Doctors are not the only professionals at risk. Virtually all small business owners and professionals face multiple risks from the person injured at a party on one of your properties, the “friend” who borrows your jet ski and hits a swimmer, dissatisfied customers, disgruntled employees, and unhappy ex-partners.

It is a simple reality: We live in a hostile legal environment, and the chance you will not face costly litigation at some point in your career is not good. The good news is that you can fight back. Here is a quick summary of our “Porcupine” Asset Protection Strategy with tested legal strategies that can help protect your investments and property.

Make Your Assets As Unattractive as Possible to Attack with a Good Asset Protection Strategy

10 Point Checklist For Florida Corporate Entities

Published on: January 3, 2018 | by Rarick & Bowden Gold

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

Note: This 10 Point Checklist is for those persons who have interests in one or more Florida entities, such as a corporation, limited liability company (LLC), or limited Partnership (LP).

1. Annual Fees. In January the State of Florida will send notices via email reminding you that annual fees for each corporate entity are due no later than May 1. Do not wait to get an email notice from the state, as your fees are due regardless of whether you get a notice. Remember: The deadline to pay these fees is May 1 without penalty.

Does A Trust Need to Be Recorded, Filed or Registered in Florida?

Published on: October 18, 2017 | by Rarick & Bowden Gold

Does A Trust Need to Be Recorded, Filed or Registered in Florida?

One of the most common questions I get as a Weston estate planning attorney is, do I need to record my living trust? Some persons believe that a trust needs to be publicly recorded like a corporation or a deed. This is generally wrong; not only is recording not required or needed for most trusts, in most cases recording would negate one of the chief benefits of a trust: confidentiality. Let’s look at more specific questions.

Does a Living Revocable Trust Need To Be Recorded During the Life of the Trustmaker?

EXPLORING IMMIGRATION OPTIONS

Published on: October 11, 2017 | by Rarick & Bowden Gold

Exploring Immigration Options: The Best Visas for Investors, Executives & Skilled Workers

by: Elizabeth Blandon, Board-Certified Immigration Attorney

For investors, business executives and skilled workers, there are several excellent immigration programs available that can help you to live and work in the United States –in most cases you will also be able to bring your immediate family members.

7 Smart Tips For Hurricane Irma Insurance Claims – And 5 Traps

Published on: September 12, 2017 | by Rarick & Bowden Gold

By Phil Rarick, J.D.

7 TIPS

1. Before You Clean Up Document Your Losses

5 Reasons Nevada Is Best State For Asset Protection Trust

Published on: June 12, 2016 | by Rarick & Bowden Gold

By Phillip B. Rarick, Esq., Miami Trust Attorney

State laws provide numerous legal opportunities for protecting your family’s hard earned wealth. See my recent article: Asset Protection for the Small Business Owner: 7 Key Strategies.

An important domestic strategy is a Domestic Asset Protection Trust or DAPT. Because of the ever more stringent IRS reporting requirements for off-shore entities, DAPT’s are becoming a popular asset protection tool. See Hybrid Asset Protection Trust

FBAR Filing Deadline is June 30; Summary of Reporting Requirements for Off-Shore Assets

Published on: June 5, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Weston Estate Planning Attorney

This report is a reminder that the FBAR or Report of Foreign Bank and Financial Account is due June 30. The FBAR is required for U.S. persons having a financial interest or signature authority over one or more foreign financial accounts, including a bank account, brokerage account, mutual fund, trust, estate, pension, cash value life insurance, or other type of foreign financial account having an aggregate value over $10,000 at any time during 2015.

Note: A U.S. person may have a reporting obligation even though the foreign financial account does not generate any taxable income.

Should I have Separate LLC’s For Protecting Each Investment Property?

Published on: April 18, 2016 | by Rarick & Bowden Gold

By Phil Rarick, Weston Business Attorney

Here is a Big Red Flag: bundling multiple investment properties in the same LLC. This is a mistake we are seeing more and more often: a real estate investor has six condo rental homes; all rental homes are owned by the same LLC. This investor has essentially defeated the purpose of the LLC. A slip and fall claim on one of the properties would expose all six to the claim.

Bundling multiple investment properties in one LLC

5 Warning Signs That A Trust Is Not Performing

Published on: September 29, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq.

The sole reason most trusts exist is to serve the needs of the beneficiaries. It is not an employment program for the trustee or any other person. Therefore, a core test for whether a trust is performing – and performing efficiently – is to examine whether the needs of the beneficiaries are being met as instructed by the trust, and whether the purposes of the trust are being fulfilled.

If you are a beneficiary of a trust, here are some warning signs that a trust is not performing in an efficient way to meet your needs:

Business Dispute Resolution without War

Published on: August 18, 2015 | by Rarick & Bowden Gold

By Phil Rarick, Esq.

Here is a simple fact: most small businesses cannot afford or even survive a major dispute between partners if the dispute ends up in court. Such disputes can doom the small business due to interruption of the company business, distract the principal partners from focusing on growth, and soak up all capital needed to sustain the company.

The following are 5 Take Away Points for avoiding court intervention in your business: